Romanian state-controlled hydropower group Hidroelectrica, likely to see its shares listed at Bucharest Stock Exchange under a 10%-15% IPO, reported its net earnings rose by 33% to RON 4 bln (EUR 800 mln) in 2022, Bursa.ro reported.

But the profit achieved in Q4 was roughly flat compared to that of the same period of 2021, and the company’s profitability is expected to decrease further this year (to still very robust levels) as the energy markets normalize.

The performance achieved in 2022 came amid a 65% rise in the price obtained by the company for its electricity production – which, however, decreased by 19% YoY to 13.5 TWh. Hidroelectrica sold the energy at an average price of RON 560 (EUR 112) per MWh, over 65% higher than in 2021 (RON 339 per MWh).

The RON 3 bln profit reported in 2021 is, however, closer to the medium-term annual profit of the company.

iulian@romania-insider.com

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