Romania: Verbund marks 144MEUR loss due to the Romania wind park losses

, SEE Energy News

Austrian company Verbund will have a loss of 144 million euros for losses they anticipated this year from wind farm at Casimcea. Energy producers suffer negative impact due to the changes of subsidy scheme for the green certificates from renewable sources, reducing allowances and exemptions granted to purchase large consumers.

“Romanian authorities decision to change the green certificates market and massive surplus of power lead to lower revenues in Romania for Verbund.  Impact on group results is about 144 million euros ” , says a press release Verbund.

Park at Casimcea operated by electricity group Verbund has an installed capacity of 225 MW production, built between 2011 and 2013, with the ability to be expanded to 280 MW by 2016 Until now, the Austrian company has invested more than 380 million in the project.
Austrian Verbund Management projected to achieve EBITDA of 770 million euros this year, up from 690 million forecast earlier. Forecast dividend for 2014 and it rises to 190 million euros from 150 million euros.

Increasing financial results are due a good performance in the hydropower sector, a cost cutting program that went better than previously thought, the sale of two power plants in France and solid electricity sales.

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