Romanian state-owned energy producer Hidroelectrica sold energy worth some RON 13.5 million (EUR 3 million) on the local power exchange OPCOM, during bids organized on March 11 and March 12, well below the targeted amount of EUR 15 million.

The company planned to sell more than 441,000 MWh of energy, but sold only 87,600 MWh, for prices ranging between RON 153.2 and RON 156.9, according to local Ziarul Financiar.

Hidroelectrica, Romania’s largest energy production company recently re-entered insolvency after the Bucharest Court of Appeal admitted the appeals made by companies Alpiq, Energy Holding, EFT, Andritz Hydro and Local Budget Department District 2. Euro Insol was reinstated the judicial administrator.

Hidroelectrica announced its insolvency exit in June 2013, a year after entering it, and Euro Insol handled the procedures, as judicial administrator.

The Romanian state is the majority shareholder of the company. More about Hidroelectrica's insolvency here.

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