Romanian hydropower group Hidroelectrica announced that its revenues dropped by 26% y/y to RON 5.15 billion, or just over EUR 1 billion, and its net profit plunged by 32% y/y to RON 2.7 billion (EUR 540 million) in H1.

The operating margin and the net margin decreased mainly as a result of the decrease in electricity production, the amount of electricity sold, as well as the decrease in the selling prices of electricity (both locally and in the interconnected European market), according to the report.

The energy produced and sold (net production) registered a decrease of approximately 22% in the first half of 2024 compared to the similar period of the previous year, up to approximately 8,293 GWh. The decrease was caused, in particular, by the hydrological conditions recorded in the second quarter of 2024, when the average value of the Danube flow (5,585 m3/s) recorded a decrease of about 25% compared to the similar period of 2023 (7,491 m3 /s).

The entire amount of energy sold by Hidroelectrica in the first half of the year was 8,709 Gwh, 24% below that of the first six months of last year.

In the first six months of the year, the average wholesale price was RON 441 per MWh, 13% below that of the first half of 2023.

(Photo: Octav Ganea/ Inquam Photos)

iulian@romania-insider.com