Out of insolvency, Hidroelectrica has not stopped the upward trend previously reported. Furthermore, it is expected a record profit this year that will be allocated to the recapitalization of the state-company, following current losses with a reported value of over EUR154 million.
However, up to this point, Hidroelectrica exceeded the performance indicators stipulated on the 2013 budget, in spite of facing a poor year in terms of hydrology, a lower demand on the electricity market and a decrease of the shipping prices, shows a press release.
’The filling in large reservoirs is 86%, granting the covering of all contractual obligations, as well as the power and energy reserve needed for a safety functioning of the National Energy System. In such conditions Hidroelectrica is expected to get some very good economic results by the end of the year. After declaring insolvency, the company has sold energy only at market prices, had a very severe cost control and is going to implement the same policy for maximazing revenues and fitted the costs within the budget approved for 2013. We’ve sought the increase of the financial resources because Hidroelectrica has total debts of RON2.8 billion (EUR629 million) to be paid within the next period and that should be covered as per the contracts concluded with the creditor banks and the Reorganization Plan.’ explained Mihail Stanculescu, Executive Chairman of Hidroelectrica through the press release mentioned earlier.
Having a targeted amount of 13.000 GWh when established this year budget, Hidroelectrica produced and delivered about 11.400 GWh within the nine months of 2013 and estimates the production will reach 14.200 GWh by the end of the year. Gross profit in September was around EUR9 million based on a production of 828 GWh, nearly half of the average monthly production (1461 GWh) calculated considering the production in a common hydrological year – about 17.600 GWh.
Besides that, Hidroelectrica also registered an increase in the energy traded on the Balancing Market due to an important improvement of the installed capacity in wind farms. That is reflected by the fact that the afferent estimates – 847 GWh for the whole year – has already been exceeded since the end of August, under these circumstances the current calculation indicating a possible growth of the company’s turnover with more than EUR10 million.