Hidroelectrica expects to record a net profit in the amount of some 740 million euros in 2023, SEE Energy News
Romanian electricity producer Hidroelectrica said that it expects to record a net profit in the amount of some 740 million euros in 2023, along with total revenues in the amount of 2.35 billion euros.
Compared to results achieved in 2022, the 2023 net profit target is lower by 8.56 %, while planned revenues are 27.5 % lower.
The company expects expenses in the amount of 1.45 billion euros in 2023. Expenses allocated to investments will amount to little over 200 million euros in 2023, while financing sources for investments total 270 million euros.
Hidroelectrica is 80.06 % owned by the Romanian state through the Energy Ministry, while investment fund Fondul Proprietatea (FP) holds the remaining stake of 19.94 %. FP plans to list its 15 % stake at the Bucharest Stock Exchange in the first half of this year.
Hidroelectrica recorded a net profit in the excess of 810 million euros in 2022, which is a 32.7 % increase compared to a net profit of 610 million euros in a year before. The company’s total revenues amounted to 1.85 billion euros in 2022, which is a 40.3 % increase year-on-year.
The amount of electricity sold decreased by 16.2 % in 2022 dropping from 17.11 TWh in 2021 to 14.33 TWh. Electricity sold from the company’s own production also decreased by 19.7%, from 16.51 TWh in 2021 to 13.25 TWh in 2022. The average selling price of electricity increased by 65.1 % reaching 113.7 euros/MWh in 2022.