State-owned power utility Hidroelectrica plans to invest RON 5.56 billion (EUR 1.19 billion) over the next five years in the upgrades and maintenance of facilities, but also in acquisitions.
Hidroelectrica’s goal is to add 580 MW in generation facilities, of which 200 MW will be solar and wind capacities, Bogdan Badea, CEO of Hidroelectrica said, the Romanian media reported.
He added that the investment plan will not jeopardize the dividend payment.
The company posted a gross profit of RON 1.98 billion (EUR 425 million) in the first 9 months of the year, which is more than RON 1.6 billion (EUR 343 million) achieved in the entire 2017
The water reservoirs are now at 70% compared to 57% last year, Badea noted.
At the end of September, Hidroelectrica announced it will have EUR 800 million at its disposal by 2020 to modernize the hydropower plants (HPPs). The investments are part of the Romania’s draft Energy Sector Strategy for the period 2018-2030 with projections until 2050.
Hidroelectrica to close Serbian electricity trading office
Hidroelectrica intends to close its Serbian office for electricity trading, the Romanian media reported.
The shutdown of the subsidiary, Hidroelectrica Trading, will be discussed by shareholders on November 23.
According to some media outlets, the reason for the termination of the electricity trading office is the fact that the Romanian Energy Regulatory Authority (ANRE) does not allow power producers to export electricity directly.
Other media reports indicate that the reason lies in significant losses made by the trading office in the Serbian capital Belgrade. The losses are estimated at around EUR 33,600. The trading office was established in 2014.
According to the Romanian media, Hidroelectrica exported 592 GWh of electricity to Serbia in H1 2018, while imports reached 161 GWh in the same period.
Two weeks ago, the largest electricity producers in Romania and Austria, Hidroelectrica, and Verbund, signed a memorandum of cooperation.
Two companies plan to develop projects and implement design, construction, and equipment solutions based on the most modern technologies in the energy sector.