Romania’s biggest electricity producer, Hidroelectrica, announced that its output surged by 45% year-on-year (YoY) to 19TWh in the first half of the year (H1), driven by the abundant water in the dams, Economica.net reported.

Combined with rising electricity prices, this resulted in 78% stronger revenues: RON 3.2 bln (EUR 0.64 bln). Against this background, the company’s EBITDA (income before donations, taxes, depreciation and amortization) soared by about 95% compared to the first six months of 2020, reaching RON 2.44 bln.

Under these conditions, Hidroelectrica achieved in the first six months of the year a net profit of about RON 1.69 bln (EUR 0.34 bln), more than double compared to the same period in 2020.

In fact, the profit for the first six months of 2021 is higher than the profit for the whole year 2020 (EUR 1.45 bln).

It is the highest six-month profit ever recorded by the company. The Romanian minister of economy Virgil Popescu said that the company’s shares could be listed in H2 next year. Currently, the main shareholder is the state (80%), while Fondul Proprietatea holds another 20%.

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andrei@romania-insider.com