Romania's largest electricity producer to exit insolvency by May

04/04/2016 10:43 Electricity Market

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Romanian state-owned electricity producer Hidroelectrica hopes to finally exit its insolvency process by next month, and intends to vend a minority stake in an initial public offering by November, as stated by its manager on Sunday.

Romania's biggest and cheapest power producer has been led by a court-appointed manager after it became bankrupt for the second time at the beginning 2014. It first became insolvent in 2012 after losing $1.4 billion over six years from agreements under which it sold the majority of its production below market prices. It experienced restructuring, annulled those agreements and registered record high profits. But contract possessors challenged the cancellations and a court ruling pushed the firm back into insolvency, where it has stayed a year longer than predicted because of long court procedures. It would be the first IPO of a state-owned company in Romania since the sale of electricity utility Electrica in 2014. Borza declared Hidroelectrica had by now appointed listing and legal advisers. It repeated that it could list a 15 percent stake, both on the Bucharest and London stock exchanges. Investment fund Fondul Proprietatea, which is the single minority shareholder in Hidroelectrica, estimates its 20 percent stake at 594 million euros ($676 mln). That would entail a value for the entire company of 2.97 billion euros. Borza also stated Hidroelectrica anticipated a record gross profit of 1.3 billion lei ($331.52 million) at the end of this year, or an increase from 1.1 billion lei last year.

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Daily (11.10.2019): EU carbon prices climbed by 2.5% on Thursday, following positive negotiations between the UK and Ireland

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