After insolvency exit, Romania’s energy producer Hidroelectrica posts unexpectedly high profit in first half of 2013

Romania’s largest energy producer Hidroelectrica recorded a profit of around EUR 109 million (RON 481 million) in the first half of 2013, compared to a loss of RON 202 million reported in the same period in 2012, according to the company. Hidroelectrica’s result in the first half of this year went beyond initial expectations for the full year. It was RON 47 million higher than the profit estimated for the entire year and double the profit in 2010, when the company registered its maximum production level. The energy producer had a turnover of around EUR 383 million (RON 1.6 billion) in the first six months of this year, up 33 percent over the same period in 2012. Its output also went up to 8.2 million MWh, from 7 million MWh recorded in the first half of the previous year. Hidroelectrica exited insolvency procedures on June 26 this year, about one year after the company entered insolvency. The Bucharest Court decided that Hidroelectrica had fulfilled its payment obligations as defined in the reorganization plan approved by its creditors on June 18, 2013. Euro INSOL was the company’s judicial administrator during insolvency. Irina Popescu, irina.popescu@romania-insider.com