Romania: Hidroelectrica marks 115MEUR profit in 2Q/2014

24. July 2014. / SEE Energy News

Hydroelectrica company has achieved a gross profit quarterly insolvency nearly 510 million lei, a new record after the reference period of last year reached more than 480 million lei, lei 28 million less. The company offers financial performance due drastic control on reducing operating costs and expenses and liabilities, since income fell by £ 110 million, compared to the first half of 2013.

According to HIDROELECTRICA spending half with services decreased by 22% and salaries and other benefits for employees with 13%. Interest paid on account of loans fell 60% on lower than 40% of the debt to the bank in the past 12 months. In fact, say those in the company, its debts to banks decreased from 841 million euros, as they were at the time of entry into insolvency in 2012, to 216 million euros at the end of June this year.

State Company stresses and financial results were achieved amid pressure bugerare us by placing two pieces of legislation. The first one says that the special tax special charges brought additional £ 150 million for the company’s operations.

The second contribution is related to supplementation by 1.3 TWh regulated market, where prices fixed by the state fell by 8%. ANRE on this further reduced by nearly 60.5 million lei HIDROELECTRICA annual revenues, says the company.

Hydropower sold on Friday, power exchange, 198.085 MWh quantity divided into seven deals. The selling price ranged from 158.01 lei / MWh and 176 lei / MWh. Buyers are Enel Energie Banat, Enel Distribution Muntenia, Dobrogea and Enel Distribution Axpo Energy Romania.

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