The hydropower producer’s turnover grew 67% in the first quarter, to RON1.42 billion, driven by larger sales volumes at higher prices.
Hidroelectrica’s total electricity sold reached 4.74 Twh in the first quarter, up 32% on year, out of which the electricity sold out of own production reached 4.5 TWh, up 38%. The average realized electricity selling price was RON279.6/MWh, up 36.5% on year,” Fondul Proprietatea, which holds 20% in the company, said in its quarterly earnings report.
As a result of the changes to the Romanian Water Law implemented during 2020, over the first three months of the year Hidroelectrica SA registered total costs with the water used to produce electricity of RON149 million, up from RON69.6 million during the similar period of the previous year. At the end of March 2021, the company’s net cash position stood at RON2.9 billion, Fondul Proprietatea said.
The Fund also updated the value of Hidroelectrica SA with the assistance of KPMG Advisory Romania, which was prepared as at 28 February 2021 based on financial information available for the companies under valuation at the respective date. The total impact was an increase in value of the unlisted holding by 8.1%, or RON417.9 million end-March 2021 compared with end-December 2020.
In the first quarter, FP assesses its 20% stake in Hidroelectrica at RON5.5 billion (from RON5.1 billion end-2020), putting the company at a total RON27.7 billion.