Romania’s Hidroelectrica – back in black in Q1 2013

Hidroelectrica posted in Q1 2013 a gross profit of RON 144mln (EUR 32.8mln), from losses of RON 136mln in the first three months of the past year, and recorded a turnover of RON 661mln (EUR 150.7mln), up 15.7%. The electricity producer, in insolvency for almost one year, posted in Q1 2012 a turnover of RON 571mln, lawyer Remus Borza, representative of the official receiver of Hidroelectrica, Euro Insol, stated for Mediafax. The company specifies in a communique that for this year it expects a gross profit of RON 434mln, at a production of 13TWh. The gain would thus reach a record level, exceeding that posted in 2010, of RON 284mln, at a production of 20TWh. According to the communique, Hidroelectrica sold energy in Q1 at an average price of RON 184/MWh. Before entering into insolvency, the state-owned company was selling electricity at prices of up to RON 130/MWh. Hidroelectrica is state-controlled, through the Ministry of Economy, and entered into insolvency in June last year. Euro Insol showed that the main cause of the insolvency was the sale of energy through bilateral contracts to the “wise guys”.