Remus Borza, representative of Hidroelectrica’s judicial administrator Euro Insol, said in a statement that the company registered a power output of 15.9 terawatt hours (TWh) in 2015, lower than 18.4 TWh in 2014, a turnover of RON3.4 billion and a profit of RON1.15 billion.
Borza also said the company’s 2015 profit is 3.5-fold higher than its 2010 profit of RON292 million, which corresponds to a record power output of 19.8 TWh, adding it is the third consecutive year in which Hidroelectrica posts profit. According to Borza, the profit obtained during its three years of insolvency exceeds RON3.1 billion, which proves the viability and efficiency of the reorganization plan implemented by Euro Insol at Hidroelectrica
Since entering insolvency, Hidroelectrica’s production costs have decreased to RON110/MWh from RON184/MWh.
In 2015, Hidroelectrica budgeted investments of EUR1.3 billion for the next five years.
Hidroelectrica is controlled by the state through the Ministry of Energy and has been insolvent since early 2014.