Romania’s largest energy producer Hidroelectrica to end 2013 with record profit, former administrator says

Romanian energy producer Hidroelectrica could end 2013 with a record profit of EUR 200 million, which would equal the company’s profit in the last 11 years, according to Remus Borza, former head of the company’s supervising council. According to Borza, the Romanian state will become a good administrator when it will appoint “professional managers in state companies,” reports local daily Zf.ro. Remus Borza owns Euro Insol, the company that was the judicial administrator of Hidroelectrica until June this year, when the energy producer exited insolvency. 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. 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. Starting early December, Hidroelectrica has a new supervising council headed by George Cristodorescu, the former deputy director of E.ON Romania. Irina Popescu, irina.popescu@romania-insider.com