Largest electricity producer in Romania ends first quarter with record profit

Romania’s largest power producer Hidroelectrica recorded a gross profit of EUR 91 million, more than double compared to the same period of last year when the company had a gross result of EUR 40 million. The company’s turnover went up by 40% compared to the first three months of 2014, to EUR 212 million, as its electricity output increased by 37%, to 4,711 GWh, the company announced. “We have set the premises for an exceptional year for Hidroelectrica in 2015. If the hydrologic regime is similar to that of last year, we estimate an output of over 18 TWh and a profit of more than EUR 300 million,” said Remus Borza, the company’s judicial administrator. Hidroelectrica, which is still under judicial reorganization, aims to exit insolvency this year and to float its shares on the Bucharest Stock Exchange. The company also targets to become a regional electricity producer by selling its energy not only in Romania, but in neighboring markets such as Hungary and Serbia as well. The Romanian state holds 80% of the company’s shares while local investment fund Fondul Proprietatea owns the remaining 20%. Romania’s Hidroelectrica sells only 1% of hydro power plants on auction

Romanian power producer Hidroelectrica doubles profit