Romania: Hidroelectrica 2015 net profit 200MEUR

, SEE Energy News

2014 drought affected Romania HPP electricity producer Hidroelectrica both in terms of produced electricity and financial turnover. Despite the challenges Hidroelectrica managed to gain a net profit of 200MER in 2015.

Romania’s largest power producer Hidroelectrica made a turnover of EUR 700 million and a net profit of EUR 200 million last year.

Its energy production amounted to 15.9 TWh, said Remus Borza, the company’s judicial administrator, reads the company press release.

In 2014, its net profit reached almost EUR 221 million and the turnover totaled EUR 751 million.

The prolonged drought that affected Romania during the summer and fall had an adverse impact on the company’s electricity output, which declined from 18.4 TWh in 2014, also affecting the company’s financials.

Hidroelectrica has been insolvent since 2011. The company had cleared its debts to banks and suppliers by June last year. It should exit insolvency this year, said Borza.

Hidroelectrica is the second largest state-owned company after Romgaz. It is also the largest electricity producer in Romania, with an installed capacity of 6,300 MWh, transmits