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Romanian hydropower group Hidroelectrica (BVB: H2O) recently held its first investors meeting after listing on the Bucharest Stock Exchange.
The energy producer aims to spend RON 1.4 billion (EUR 281 million) over the next 4 years in upgrades, modernizations, and acquisitions.
Of the 8,500 MWh produced in Romania this summer, half were generated by Hidroelectrica, and between 1,000 and 2,000 MWh were imported.
The company, which is the largest energy producer and most profitable state-owned company, promised investors future investments in retooling, maintenance, and modernization, as well as in increasing production and storage capacity, according to Ziarul Financiar.
“The consolidation of the company and the plan we have in place is what gives us long-term value. We need to continue investing in retooling, maintenance, and modernization. Certainly, diversifying the production portfolio through the acquisition of renewable projects and, of course, in storage is very important,” said Karoly Borbely, CEO of Hidroelectrica, on Tuesday, October 15, during Capital Markets Day, the first meeting with analysts and investors since the company’s listing in July 2023.
The company executive mentioned that the investments will not only add megawatts to the installed power but also improve operational efficiency.
“This summer we saw how complicated it was for Romania to produce 8,500 MWh during a period of high consumption, between 6:00 PM and 11:00 PM, when, due to the extreme heat, consumption increased, primarily from residential consumers. […] The Romanian energy system needs reliable base-load production units that can serve as solid backup for investments in renewables. This is a very important pillar in the Romanian energy sector,” added Borbely.
(Photo source: Hidroelectrica on Facebook)
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