Romania's Hidroelectrica sees gross profit of EUR 248 mln, opens 5 new plants

Romania’s largest power producer Hidroelectrica recorded last year a gross profit of EUR 248 million, slightly down compared to 2014. Its turnover amounted to EUR 716.2 million in 2015, which means that the company’s gross profit margin was close to 35%. “It is the best financial result ever for Hidroelectrica based on the energy production,” said Remus Borza, judicial administrator of the company. In 2015, the power producer saw an energy production of 15.9 TWh, down by 2.5 TWh compared to 2014. The profit recorded last year is 3.5 times higher than one in 2010. 2015 was the third year when the company was on profit. Hidroelectrica has entered insolvency in 2012, but it is expected to exit insolvency this year. The production costs have dropped from RON 184/ MWh to RON 110/ MWh since the company became insolvent. Hidroelectrica is planning to put into operation five new power plants in the next three years. These are worth EUR 900 million and will have a cumulated installed power of 100 MW. This year, two new power plants will start to operate, namely the power plant in Bretea and the power plant in Rastolita. Their installed power reaches 36 MW and the investment totals EUR 379 million. editor@romania-insider.com