Romania’s largest electricity producer, state owned company Hidroelectrica, posted gross profits worth RON 86.2 million (23.9 million euros) in Q1, almost 16 times higher than in Q1 2007. The profit also exceeded estimations by 3.4 times for the entire 2008.
The company expects profits worth RON 25.2 million (l6.98 million euros), which would be 3.2 times higher than the profit worth 80.19 million lei (24 million euros) earned in 2007.
The company sold 16 micro hydro power plants in February, earning some 11 million euros in the process.
Earnings advanced 26.26 percent in Q1 2008. Hidroelectrica revised estimations for total incomes in 2008, up to 602 million euros.
The company is currently producing the cheapest electricity in Romania. In 2007, it provided 25 percent of the national energy consumption and is competing with state owned producers Nuclearelectrica and energy complexes Turceni, Rovinari and Craiova.
Authorities expect Hidroelectrica to become part of the National Energy Corporation.