Romanian state-owned energy producer Hidroelectrica concluded five contracts with Arelco Power and three with Electrica Furnizare on the sale of 431,360 MWh of energy during a bid organized on May 9 by on the power exchange OPCOM. The energy will be delivered between May 19, 2014 and June 30, 2015.

The total value of the contracts is RON 81 million (EUR 18.5 million); the average price was of RON 187.94 per MWh (over EUR 40).

Hidroelectrica became insolvent in June 2012, then exited insolvency a year after, only to re-become insolvent in February this year.

The Romanian state is the majority shareholder of the company.

Irina Popescu, irina.popescu@romania-insider.com