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Romanian Hidroelectrica raises €30m from sales on OPCOM

21 Nov 2012 15:33:35 | edem

Romania's state-owned hydropower producer Hidroelctrica earned €30m from electricity sales on the bilateral platform of the country's OPCOM power exchange between the beginning of July and 20 November, the company revealed in a statement on Tuesday.

Hidroelectrica has sold 1500GWh in 36 slots at an average price of New Lei 229.00/MWh. This is almost New Lei 100.00/MWh higher than the average price of Hidroelectrica's long-term contracts before the company entered insolvency.

The traded volume was the largest sold by the company on the exchange and represented 8.5% of Hidroelectrica's yearly production.

The revenue has helped the company offset some of the losses made as a result of a prolonged drought in the region. Hidroelectrica blamed the effects of the drought as the overriding factor when it filed for insolvency at the end of June (see EDEM 18 June 2012).

In August, the company declared force majeure on all its delivery contracts, slashing its August production to a historical minimum (see EDEM 6 August 2012). Later that month, the company said it lost €81m from unfavourable long-term contracts being cancelled (see EDEM 31 August 2012).

In September, the company disclosed that it owes €827m to creditors (see EDEM 10 September 2012). IP

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