Romania’s electricity supply and distribution group Electrica (BVB: EL), with the state as the main shareholder, confirmed plans to build a state-of-the-art combined cycle gas power plant, “integrating a hydrogen component and storage capabilities,” with a maximum installed capacity of 500 MW.

The new facility is planned for development on the site of a former power plant at Fantanele in Mures County.

“We have currently started market research for the feasibility study,” said the company’s CEO, Alexandru Chirita, on the occasion of unveiling the company’s Q3 financial report, Economica.net reported. 

In addition, the company explores other renewable energy projects, with a capacity of approximately 200 MW, as a step towards reaching its target of 1 GW by 2030. 

As regards the company’s Q3 results, Electrica announced its net profit dropped by 22% y/y to RON 418 million (EUR 84 million) in January-September. EBITDA, however, increased by 13.5% y/y to RON 1.25 billion (EUR 250 million).

The volumes of distributed and supplied energy were lower by 6.2%, respectively by 10% compared to the same period of last year.

The company’s market capitalisation rose 19% ytd this year to RON 3.3 billion (EUR 660 million).

iulian@romania-insider.com

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