* "We are preparing an investment program of 5.56 billion lei"
In the first nine months of this year Hidroelectrica achieved a gross profit of about 1.98 billion lei, an increase of about 23% compared to gross profit for the entire financial year of 2017, while operating income for the first nine months was 3 , 2 billion lei, close to the amount of 3,286 billion lei achieved in 2017, said today at Bogdan Badea, CEO of Hidroelectrice.
He said: "In nine months of Hydroelectric production, the production is 14.19 TWh, which means we have exceeded last year's production of 14.04 TWh." According to numbers, every record Year In a nutshell, operating revenues in the first nine months were somewhere 3.2 billion compared to 3,286 for the whole 2017. We are now in a gross profit of 1.98 billion lei. Last year exceeded 1.6 billion lei. Probably what we proposed earlier this year, ie to exceed 2 billion profits, we will succeed despite the tense weather forecasts we have in the end of this year, and on this occasion we show that Hidroelectrica has not yet reached its potential, regardless of the climatological situation. "
In recent years Hidroelectrica distributes 90% of its profits to its shareholders. The Ministry of Energy is a majority shareholder of the company, with a share of 80%.
At the same time, Mr Badea announced that the electricity maker had completed his business plan for the next five years, amounting to 5.56 billion lei.
"We have made a long analysis of what the volume of investment we have proposed: we are talking about 5.56 billion lei, the volume of investments over the next five years, including new investments, subsequent upgrading, maintenance of capitalization and acquisition of shares, expansion of Hydroelectric Portfolio and diversification the kind of source we use, "said Hidroelectricin representative.
As for the new production capacities in this program, Mr Badea has demonstrated that approximately 590 MWh will be built, of which 240-250 MWh will be hydro investments, and the difference will be secured by other renewable sources.
Hidroelectrica said, "We are struggling every day with over-government-level bureaucracy, all that means approval or approval. Last year, we completed the Brete Power Plant (…) This month we will complete two modernizations, the General Upgrade / Renewal Program being better because we should have far less of the opinion of the state authorities … If we do not solve the bureaucracy, the business plan I have proposed, and the energy strategy will just be fine on paper. "
As for this year's increase in electricity prices, Mr. Badea said, "This is also related to what has happened in COP 21 (UN Climate Change Conference in Paris, 2015), which is the main The reason why prices increase energy, not just in Romania, to avoid speculation, but across Europe. Practically, the pressure on the carbon certificate has turned into rising prices across Europe … It would be interesting to have an idea of how those who sell energy to the final buyer is a protection.What happened in some situations with contractual cancellations with some energy traders who, despite having a significant back-end customer portfolio, had no contracted or very small percentage of the amount of energy contracted in. These are total market behavior is wrongly sanctioned ".
Regarding the effect of increasing electricity prices on company plans and revenues, Hidroelectrica said: "We are currently helping the market, and the higher electricity price means that all manufacturing companies are considering their investment plan to have a good deal of business to be used, the volume of investment is realized at a higher price, but in the long run, as we have seen in other countries, it has been translated into a drop in prices over the periods of 10, 12, 13. There are cycles that we need to understand, we can not have low prices in infinity and a large volume of investment . "