Both the revenues and net profit of Hidroelectrica, the largest electricity producer in Romania, contracted by some 14% in the first quarter of the year (Q1) compared to the same period in 2019.
The evolution was due to the lower prices on the regulated segment of the electricity market, announced Fondul Proprietatea, a minority shareholder of the company, Ziarul Financiar reported.
The company's turnover dropped by 14.3% to RON 848 million (EUR 179 mln), while its net profit decreased by 13.6% to RON 430 mln (EUR 91 mln). The operating profit - EBITDA decreased by 19.5% to RON 595 mln (EUR 125 mln).
During the period, the amount of electricity sold reached 3.6 TWh, 1.1% higher compared to Q1 2019. The company's output advanced from 3.2 TWh to 3.3 TWh.
The average realized price of electricity decreased by 16.2% compared to Q1 2019, up to RON 203 (EUR 41.8) / MWh. The price was negatively influenced by the company's obligation to sell a quantity of electricity of 1.1 TWh at the regulated price of RON 102.5 / MWh compared to only 0.2 TWh at the price of RON 111.6 / MWh in Q1 2019.
(Photo source: Facebook/Hidroelectrica)