Hidroelectrica reports six-month profit of EUR 107 mln on restructuring push

Newsroom 08/07/2013 | 14:34

The net profit of Hidroelectrica, the state-owned hydropower producer, reached a fresh high of RON 481 million (EUR 107 million) in the first six months of 2013, recovering from a loss of RON 2012 in the same period of last year, when the company filed for insolvency.

The turnover of the power generator added 25 percent to RON 1.6 billion (EUR 357 million) as its output rose by 17 percent to 8.2 million MWh.

Remus Borza, member of the supervisory board at Hidroelectrica, said: “Hidroelectrica’s profit is due to the maximization of revenues and of the profitability as a result of the cancellation of bi-lateral contracts with energy traders, thermal producers and general contracts.”

Hidroelectrica recently existed insolvency after Borza – the insolvency trustee- renegotiated some 500 supply contracts, fired 900 employees and streamlined the production and distribution channels.

Borza said the company will start operations on the Racovita plant in Sibiu in the first quarter of 2013 and two more plants will start production in 2014, as part of an investment plan over EUR 100 million.