Romanian power producer Hidroelectrica will provide electricity to the Bucharest metro operator Metrorex between July 1 this year and June 30, 2017.

The company won a EUR 12.7 million contract through an open tender. The auction saw six other bidders, namely Arelco Power, CEZ Vanzare, Electrica Furnizare, Tinmar Energy, Enel Energie, and RWE Energie, but Hidroelectrica had the best terms, reports local Hotnews.ro.

The contract will be financed with budget funds, and it involves the delivery of 170,000 MWh of electricity.

In 2015, Hidroelectrica saw a net profit of EUR 186.1 million. The company’s shareholders decided at the end of this May that 80% of the net profit should be distributed to the two shareholders, namely over EUR 119 million to the Romanian state, through the Ministry of Energy, and EUR 29.7 million to the investment fund Fondul Proprietatea.

The company is still in insolvency, due to legal issues, and a final decision related to its getting out of this procedure will be made on June 21.

editor@romania-insider.com