Romania’s state-controlled hydropower company Hidroelectrica has reported RON 481mn [over EUR 100mn] profit* and RON 1,686mn revenue for the first quarter of this year, a company press release informed.
The output increased to 8.2TWh in H1 this year from 7TWh in H1 of 2012. Hidroelectrica has been under insolvency from June 2012 to June 2013. The government holds 80% in the company and plans to organise an IPO for 10% this year.
The H1 profit reported already exceeds the full-year target and is twice as much as the profit recorded by the company in 2010 – when its production hit the historic maximum of 19.8TWh. Hidroelectrica reported losses in 2011 and 2012.
Hidroelectrica’s revenue increased by 33.5% y/y. Since the output rose by only 17% y/y and the price of the electricity on the market has declined, the rise in revenue must have been driven by the higher price of the ancillary services provided by the company [or by one-off deals].
* The release does not specify whether the profit is net or gross terms – we assume it is a gross profit.
Related Articles
Turkish LPG carrier set on fire during Russian drone attack
A Turkish LPG carrier docked at the port of Izmail, Ukraine, was hit by a Russian drone during an attack, sparking a fire on the vessel, which has now been extinguished. According to the Maritime ... more
Russia in talks to buy 1,000t of Niger uranium amid Sahel realignment, fading French influence
Russia is in talks to purchase around 1,000 tonnes of uranium from Niger in a deal valued at approximately $170mn, according to French security assessments cited by Le Monde. The reported ... more
Russia inks Power of Siberia 2 pipeline memorandum with China and Mongolia
Russia has signed a "legally binding memorandum" on the construction of a second gas pipeline to China, Power of Siberia 2, including a transit branch, Soyuz Vostok, that will run across Mongolian ... more
Most Read
-
India’s smart metering push gains momentum
4 months ago
-
The birth of a Kazakh banking empire: ATF Bank
3 years ago