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Hidroelectrica begins procedure for exchange listing

Published

August 26, 2015

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Published:

August 26, 2015

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Six months out of insolvency, largest national power producer may be listed at the stock market, Energynomics.ro said. Károly Borbély, Hidroelectrica’s head of strategy and corporate affairs, said the preparations already begun. „It will be possible six months after we come out of insolvency, most likely in the fall of 2016 or early 2017,“ Romanian state-owned utility’s official underscored.

He argues that Hidroelectrica managed to decrease the cost of energy production from RON 176 (EUR 39.8) per MWh before the insolvency to EUR 24.2 per MWh. The company had good results last year, as profit of EUR 1.2 billion came from sales of EUR 3.2 billion euro. Lower net income is expected for this year, the report said. Hidroelectrica will reach the production level of 16 TWh, in comparison to 18 TWh of power from last year, so profit will be lower, Borbély said.

Bogdan Stănescu, the new special administrator of Hidroelectrica, believes listing is possible in 2017, about a year after exiting insolvency status. Hydropower plant operator may be listed on the stock market while still insolvent until May, the company’s trustee Remus Borza had said in June. Hidroelectrica would list 15% of shares, he added at the time.

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