Hidroelectrica's net profit up by 42 pct in the first nine months of 2023
Hidroelectrica Group recorded a net profit of RON 5.184 billion in the first nine months of 2023, up 42% from RON 3.648 billion in the same period last year, shows data submitted to the Bucharest Stock Exchange (BVB).
The energy produced and sold (net) increased by 38% to 14,101 GWh, with net production by 22% higher in the third quarter of 2023, year-over-year.
"Considering the 38% surplus production compared to the same period of the previous year, together with the new wholesale market operating conditions (with the implementation as of January 1, 2023 of MACEE [the Centralized Electricity Purchase Mechanism]), as well as the SPOT price variation in the period January-September 2023, year-over-year, (62% decrease), the revenues related to these transactions increased by 25% in the first 9 months of 2023 compared to the same period of 2022," informs the report sent to the BVB.
Revenues from the electricity supply activity increased by 123% to 2.522 billion RON from 1.146 billion RON in the first nine months of 2022, due the increase in the customer portfolio.
Hidroelectrica is the largest green energy producer in Romania and the main provider of technological services required in the National Energy System, being a vital company for a strategic sector with implications for national security. The company operates a total of 187 power plants with a hydropower capacity of 6.3 GW. To these are added the Crucea wind farm, with an installed capacity of 108 MW.
Hidroelectrica was listed this year on the Bucharest Stock Exchange, with the first day of trading of the company's shares being July 12, 2023.
AGERPRES