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Hidroelectrica


Case status: Closed cases

Founded in 2000 as a follower of RENEL, Hidroelectrica is the Romanian energy market leader.

Hidroelectrica succeeded on the Romanian energy market due to its practice, credibility and flexibility. At this moment the company is both the main energy producer and supplier and system technological services supplier.

With an yearly average hydrological production of above 17 TWh, in strategically positioned branches, Hidroelectrica supplies around 30% of the country production while system services volume reaches around 90% of the National Energetic System requirements.

S.C. Hidroelectrica S.A manages hydro-electric plants strategically located on the Romanian territory. The company operate through 13 branches and 8 subsidiaries. Of the most representative hydro energetic objectives are the following:

  • Hydro-electric Plant Portile de Fier
  • Hydro-energetic Lotru Compound
  • Hydro-electric Vidraru
  • Hydro-electric Dimitrie Leonida (Stejarul)
  • Hydro-electric Mariselu

Due to the end 2011 and start of 2012 prolonged drought Hidroelectrica turnover decreased by 10%. Turnover decrease combined with exchange losses and depreciation of the local currency, lowering of cash flows with more than 27% in 2012, increase of more than 90 days debts to 470 million and the registered financial loss (121 million RON in 2011 and 112 million on the first 5 months of 2012) resulted in the board decision from the 15th of June 2012. The decision referred to Bucharest Court of Law the request for insolvency in order to reorganize the company according to a plan that is to be reinforced under 85/2006 law provisions. The main objective is for the company to succeed in recovering the losses and exit the insolvency procedure.

The company management and the official receiver have reinsured all the commercial partners, suppliers and financial institutions of the continuity of contracts under the premises of effectiveness, transparency and according to law provisions. The further activity aims to increase and safely operate the production capacity together with preserving the 5000 employees and improvement of the company’s financial ratios.

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