Hidroelectrica, the country’s largest energy producer, had planned to sell 1.5 terawatt-hours of electricity in exchange for RON343.1 million. Because of reduced interest from buyers, the company was only able to sell 113,275 megawatt-hours of electricity.
The company had scheduled 30 auctions on the local energy exchange OPCOM. Its asking price was of RON220 per megawatt-hour, below recent market prices.
Only three auctions were successful.
Next week, Hidroelectrica plans to sell another 263,520 megawatt-hours of electricity in a bid to raise RON58 million. The company has scheduled five tenders.
State-run hydropower generator Hidrolectrica has filed for insolvency in June this year and is currently undergoing reorganization. The company posted a loss of EUR60 million in the first six months and estimates full-year losses of EUR100 million. (EUR1=RON4.5236)