Hidroelectrica’s profit up 77% in Q1 on higher output and prices

Hidroelectrica, the largest electricity producer in Romania, ended the first quarter of 2021 with a net profit of RON 760 mln (EUR 155 mln), up 77% compared to the same period in 2020, Ziarul Financiar reported.

Both the output and the prices on the market increased by more than one third.

The company’s turnover thus increased by 67% to RON 1.42 bln (EUR 290 mln) amid higher amounts of energy sold at rising prices.

During the period, the total electricity sold reached 4.74 TWh, 32.0% more compared to the same period last year, of which electricity sold from own production reached 4.50 TWh, 38.0% more compared to the same period last year.

The average selling price of electricity was RON 280 (EUR 57) per MWh, 36.5% more compared to the same period last year, according to the quarterly report of Fondul Proprietatea - which holds 20% of the state-controlled hydropower company.

Hidroelectrica’s EBITDA was RON 1.072 bln (EUR 218 mln), 80.6% more than last year and its operating profit was RON 888 mln (EUR 181 mln).

The company is evaluated by Fondul Proprietatea at RON 28 bln (EUR 5.7 bln).

The Government has pondered for the past years a 10% IPO at the company, a deal that has been repeatedly delayed and is expected with interest by investors.

(Photo: Hidroelectrica Facebook Page)