Romania: Hydro electricity producer Hidroelectrica generates profits

, SEE Energy News

The largest Romanian electricity producer Hidroelectrica reported that in September it has achieved gross profit in the amount of 20.6 million euros, which is almost double the amount recorded in the same month last year.

The company’s gross profit in the first nine months of 2016 amounted to 250.7 million euros, which is about 30 % more than in the same period in 2015. Hidroelectrica’s electricity production in September reached 1.1 TWh. Electricity production in the first nine months reached 13.14 TWh, compared to 12.49 TWh in the period January-September 2015. These results are even more significant because this year’s electricity prices in the Romanian market are much lower than last year’s ones.

Hidroelectrica, which exited insolvency this June after two years, achieved a record gross profit of 167.5 million euros in the first half of 2016, which is 4 % more than in the same period last year, thus becoming the most profitable energy company in Romania. Last week, Romanian Minister of Energy Victor Grigorescu said that Hidroelectrica might be listed in six months’ time and it could easily be one of the most profitable listings in Romanian history.