Hidroelectrica listing postponed for 2014

Romania’s Hidroelectrica will be ready for floatation on the stock exchange in autumn next year, Gabriel Dumitrascu, director of the Privatization and Administration Directorate within the Department for Energy, stated. “We anticipate that Hidroelectica will be in the listing position somewhere in autumn next year. Hidroelectrica will be an interesting and important milestone and, as in 2013 Romgaz is a listing of maximum interest, the same will Hidroelectrica be in 2014”, Dumitrascu explained. Economy Minister Varujan Vosganian stated on Wednesday, after the meeting with the officials of the International Monetary Fund, World Bank and European Commission, that the privatization of 10% in Hidroelectrica had been provided for the second half next year and that he had explained to representatives of the international institutions that this program was set because assessments are required, as well as a strategy on the company’s participation on the energy market, which takes a longer period of time. Hidroelectrica posted in H1 2013 profits of RON 481mln, higher by RON 47mln than the profit estimated for the entire 2013. Hidroelectrica floatation had initially been scheduled for 2012, but the entry of the state-owned producer into insolvency has blocked the process.