News

Hunedoara hydro project set to be launched in December

Published

June 26, 2015

Comments

0

Share

Published:

June 26, 2015

Comments:

0

Share

Hidroelectrica, the largest electricity producer in Romania, announced the opening of its hydroelectric power plant in Hunedoara for December.

The facility is on the Strei river in Transylvania and is presently 62% complete, portal Business-review.eu reported. The EUR 58 million investment is for 12 MW of installed power capacity. Overall, the still insolvent state-owned company is planning to build up to seven hydroelectric power plants on the Strei river, which would require an estimated investment of EUR 420 million. Between 2012 and 2014 Hidroelectrica has invested over EUR 270 million in new power plants, according to company data.

The utility set an investment budget of EUR 1.3 billion for 2015–2020. Hidroelectrica went into insolvency in 2012 following a severe drought and several loss-making contracts which generated a combined loss of USD 1.4 billion. After it underwent a restructuring process the company turned to profit and exited insolvency in 2013, but was forced back into insolvency the following year at the request of contract holders. Following an in-depth investigation, the European Commission said in June that electricity supply contracts signed by Hidroelectrica did not involve state aid within the meaning of the EU rules.

Hidroelectrica recorded a profit of RON 725 million (EUR 161.9 million) from the first six months of this year, 42% more than in the corresponding period of last year. Turnover was also higher by almost EUR 67.77 million year on year. The increase was due to an output of 9.6 TWh, compared to 8.5 TWh in the same period last year.

Related Articles

Greece PPC Renewables two solar power plants f 250 MW

Greece’s PPC Renewables finishing two solar power plants of 250 MW in total

29 March 2023 - PPC Renewables said it would complete two photovoltaic facilities in Greece's coal hubs by the end of the month

power utilities western balkans eu ets smissions co2 cbam

Workshop on emissions trading: cooperation of regional utilities toward energy transition

29 March 2023 - Top managers of five state-owned power companies from BiH, Montenegro, North Macedonia and Serbia have discussed cooperation

seepex intraday market launch

All set for intraday electricity market in Serbia – next step is to join single European market

29 March 2023 - The opportunities for electricity buyers and sellers were presented by the representatives of SEEPEX, BSP SouthPool, and European Commodity Clearing

EU deal ban sales new diesel gasoline cars 2035

EU reaches deal to ban sales of new diesel, gasoline cars in 2035

29 March 2023 - EU energy ministers agreed on a ban on new cars and vans running on gasoline and diesel starting in 2035, but with a notable exception