The results achieved in 2024 align with the expectations set in the approved Budget for the year, showing a slight decrease due to lower-than-expected hydrology. Electricity production decreased by 22% compared to 2023.
In 2024, Hidroelectrica’s results were influenced by the decrease in the quantity of electricity generated, of the amount of electricity sold, as well as in the electricity selling prices, leading implicitly to a decrease in revenue from energy sales.
The energy produced and sold (net production) registered a decrease of approximately 22% in 2024 compared to 2023, in the period January-December 2024 this amount being 13,864 GWh. This decrease is the consequence of the deficient hydrological conditions recorded especially in the period April-September 2024, when the average value of the Danube flow decreased by approx. 18% compared to the same period of 2023.
The cumulative influence of these factors resulted in a decrease in revenues recorded between January and December 2024 on the wholesale markets by 36% compared to the same period in 2023.
Bank borrowings at 31 December 2024 decreased by 31% to RON 208 million from RON 300 million at 31 December 2023. The decrease is due to repayment of borrowings in total amount of RON 92 million in year ended 31 December 2024.
Short-term employee benefits at 31 December 2024 increased by 48% to RON 148 million from RON 100 million at 31 December 2023. This increase was primarily driven by the variable component of the Management Board and the Supervisory Board for 2024, which was not provided for in 2023, as well as by the increases in both salary and the actual number of employees of the Group.
Hidroelectrica is valued by investors at RON54.6 billion and is 80% controlled by the Romanian state. Its shares have dropped by 0.33% since the start of the year amid RON88 million deals.
(English version by Catalina Apostoiu)