The volume of revenues still not invoiced by Romania's largest electricity producer Hidroelectrica reached RON 2.04 billion (EUR 400 mln) at the end of March, according to the information included in the IPO Prospectus consulted by Wall-street.ro.

That's almost as much as the entire EBITDA realised in the first 3 months of the year, the publication points out. However, the company issued a significant number of invoices in May and June.

Currently, Hidroelectrica has half a million customers – around 16% of households and 84% of non-household customers – while in 2015, the company delivered directly to only 2 consumption sites (with the electricity traded on the market).

But neither the billing software nor the personnel structure has kept pace, and Hidroelectrica is still struggling to catch up with invoicing. 

iulian@romania-insider.com

(Photo source: Dreamstime.com)