Romania's Hidroelectrica plans to take over several regional power suppliers

Romanian state-controlled power producer Hidroelectrica asked shareholders' permission to hire a consultant to help it in the process of taking over up to three electricity suppliers, Profit.ro announced, quoting a document of the company.

"The object of the acquisition is to provide Hidroelectrica consulting and assistance services () necessary in carrying out mergers/acquisitions activities for a maximum of 3 companies operating in the field of electricity supply," the document reads.

Among the targets is Electrica Furnizare, the largest electricity supplier in Romania, part of the BVB-listed Electrica, where the largest shareholder is the Romanian state, with over 48 % of the capital.

The management argues that, given the recent developments in the energy market, Hidroelectrica has identified the opportunity of taking over some companies, especially in the field of electricity supply. Multiple sales channels would improve the predictability of Hidroelectrica's revenues, the company's management said.

On the other hand, the expansion of the supply portfolio represents, within the company's strategy, the most efficient way to monetize the green certificates that Hidroelectrica derives from renewable power capacities.

The company recently took over the 108MW wind farm Crucea.

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