State-owned power producer Hidroelectrica, emphatically called the pearl of the local energy system, recorded a gross profit of RON 1.5 billion (EUR 334 million) in 2016, according to the company’s preliminary data.

Its revenues amounted to about RON 3.3 billion (EUR 734 million). They were “lower compared to 2015 due to energy price developments, but the profit was historic,” said Ovidiu Agliceru, chairman of the board at Hidroelectrica, reports Ziarul Financiar. The producer thus recorded a gross profit margin of 45%.

The company exited insolvency last year. During insolvency, Hidroelectrica denounced the contracts with energy traders, which had acquired energy at prices below the market level. It also renegotiated over 500 contracts with different suppliers, and reduced the number of employees from 5,000 to about 3,300 people.

editor@romania-insider.com