Bogdan Tudorache

Hidroelectrica is preparing a new business plan that will be presented to its shareholders „no later than September,” says Bogdan Badea, president of the company’s Directorate, while announcing exceptional results for the first six months.

The company is „on schedule” with the implementation of new corporate governance procedures, and the selection of new members of the Supervisory Board is in full swing, as the newly appointed consultant will follow the next steps of selection, Badea answered an energynomics.ro question.

Badea also said that the new business plan includes an innovative investment strategy, according to which Hidroelectrica could expand into renewable energy by acquiring wind or solar power plants. „We thought about 2-300 MW of wind and 100 MW of solar,” says Badea, but explains that the new strategy will have to be approved first by the shareholders.

For the time being, however, the company will focus on the classical investments, in the first half of this year amounting to 85.5 million lei, out of the 224 million scheduled for this year.

Hidroelectrica announced yesterday exceptional results for the first half of this year. Increased hydraulic flow has grown the company’s revenue, stabilizing the price of energy to lower values, from 183 to 171 lei per MWh in the average, for the last period.

Thus, the company ended its first semester with a net profit of 962 million lei, 34% higher than the similar period of 2017, mainly due to the 20% increase in electricity production, to 9.345 TWh, and the profit before taxation EBITDA rose 24.5%. The company’s turnover increased by 17%, to 1.992 billion lei.