Hidrolectrica, Romania’s largest power producer, has filed for insolvency last year and is currently undergoing reorganization.
The company estimates electricity output will reach 13 terawatt-hours in 2013, up from a record low of 11.8 TWh in the previous year, when Hidroelectrica’s production was affected by a severe drought.
Hidroelectrica has 80.06% of its shares in the hands of the economy ministry, while Fondul Proprietatea holds a 19.94% stake.
Under a EUR3.6 billion loan agreement with the International Monetary Fund, Romania has pledged to sell a minority stake in Hidroelectrica shortly after the company completes its reorganization process, which is slated for the second half of 2013. (EUR1=RON4.3668)