The interim director of Hidroelectrica, Bogdan Badea, announced on Thursday that he has withdrawn from the selection procedure for the position of general director of the company, after being on the shortlist, on the grounds that what has happened recently does not represent normality and he does not want to lead this company ”in an environment specific to the ’50s”.

“It is a step forward from the previous selection, where I did not meet the criteria that the consultant hired to make this selection had established and considered necessary for someone who wants to lead the Hidroelectrica company. Of course, in life we ​​always have to learn, it is true that not from everyone, but it is a beautiful sector, it is a dynamic sector, it is a complex sector. As such, here, today, in the second selection procedure, with a pleasant surprise I found that I am on the short list. However, also today I made the decision not to run. And I made this decision, I tell you, not very easily, but what has happened in the recent period, the fact that Romania’s problems have been reduced to the most important state-owned companies which, unlike what is happening in Romania today, have demonstrated performance – and this performance, regardless of what one politician or another says, is measurable. Today, Hidroelectrica has a capitalization of over 80 billion lei (…) I do not think that what has happened in the recent period represents normality. I did not “We wanted to involve the company in political debates, even though we were introduced, but we also cannot accept being humiliated, being trampled, being harassed by all kinds of political decision-makers who, out of a desire to shift attention from Romania’s real problems to the most valuable state-owned companies – and we see this every day – from my point of view, certain things must have a limit”, Badea stated in a press conference, according to Agerpres.

He stressed that he does not want to lead Hidroelectrica in an environment specific to the 1950s.

“I do not want to lead Hidroelectrica in such an environment specific to the 1950s. Back then, we were hunting down the scoundrels, then we were arresting and imprisoning Romania’s intellectuals, creating frustrations, pointing fingers, criticizing without foundation. This is the reason why I, personally, do not want to continue this competition. I think that since 2017, when I took over as interim president of this company, and until today, some things have been seen. No politician in Romania has stood in front of investors. When we did the listing, we put Hidroelectrica on the map, we talked to investors and tried to convince them to come to Romania. Investment opportunities are all over the world. We are a dot on the map and investment funds, when they choose to invest in Romania, in Hidroelectrica or in Asia, look at what offers the company, what development prospects it has, what the management intends to do and makes the decision: “Yes, this is a place where it is worth investing, because there is traceability, because there is performance and because there is a coherent direction.” Nobody stood in front of the investors, as I said, and the company’s listing, because this was also a big topic of discussion, was done by colleagues from Hidroelectrica, by the consultants we had, by representatives of Fondul Proprietatea, who, together with us, put in all the efforts and resources necessary to be, in the end, the most successful listing in Romania”, he said.

Bogdan Badea emphasized that since the company’s listing on the stock exchange, the shares have never dropped below the listing price, namely 104 lei, now being at 180 lei.

“Since then and until now, Hidroelectrica’s shares have not fallen below the price we had in mind, 104 lei at the time of the listing. Since then and until now, the company’s value has continuously increased. As such, I used to say that it is never too late to learn new things, but I also say that not from just anyone. And in terms of energy and in terms of listings, I think that there are very few politicians today who can teach us lessons,” he stressed.

The interim director of Hidroelectrica specified that this decision to withdraw from the race for the company’s leadership was a personal one.

“It is a personal decision, it is a decision that I made seeing everything that has happened recently. It does not seem normal to me to be the subject of public debate without arguments, to be forced to make certain investments that may not make economic sense, to be conditioned by the budget and memoranda. (…) Today, the company is at a capitalization of over 80 billion. Last year we had the best year in terms of investments. Colleagues have made enormous efforts to prepare large-scale investments and Hidroelectrica’s priority is in hydroelectric power plants. Hidroelectrica’s priority is to add value to what it has today. In the second plan is diversification, optimization and other things that will contribute to increasing the value of the company. We are very happy that those who matter to us, meaning investors, have appreciated the efforts that have been made. I am very sorry that the politicians who brought the country to where we are today do not appreciate this. But I think that once we have a stable and normal government, we can talk seriously about what is left of corporate governance in state-owned companies. If we go back to the principle that one man knows everything, I don’t know what our role is anymore. Then, if we are paid one lei or two lei, in the positions we are in, it is too much because we no longer have any role. If decisions come from the top down and not from the bottom up, if decisions are not made by technical people who know everything, but by political people who know everything, then it makes no sense to move forward”, argued Bogdan Badea.

He stressed that he will remain investment director in the company.

“I am not maintaining my mandate. The position of president of the directorate is a purely honorary one, which only involves responsibilities in terms of interfacing with you, with state institutions and so on. Today, I am an investment director and I will remain so. We have too many ongoing projects, there was too much work done to throw away the efforts that my colleagues have made and I believe that, if this is the price to be able to increase the salaries of hundreds of people in Reșița, to be able to increase the salaries at Hidroserv, to be able to hire people who are absolutely necessary for us (…) and to be able to develop the supply activity to the level at which we want, you want it too, because it is a business line that we really wanted when we saw the injustice in the market, when we learned the prices in the market compared to what we knew we could do. And I believe that the fact that Hidroelectrica is today the largest supplier is a great advantage that all Romanians have. And that is why we are the most competitive. Of course, this has bothered a lot of smart guys. Of course, no one is happy that Hidroelectrica, instead of giving it to traders like in the past or selling it cheaply on energy exchanges and having it resold at astronomical prices to the final customer, today gives it directly to you. There are a lot of upsets, but if this is the price, it is too low a price compared to the importance that this company has”, added Badea.

The company official reiterated that what is happening now is not a healthy environment.

“The reason why I decided not to continue: what is happening is not a healthy environment, there is no longer corporate governance in Romania and it is important to know in which direction we are going. If one day we want – and in a settled environment, without political emotions, we want to return to what made all the energy companies you see today – Hidroelectrica, Nuclearelectrica, Transgaz, Transelectrica – which have performance far above the country’s performance to remain that way, then we are at the table. If we want to return to the daddy who knows everything and tells us what to do, no thanks, I don’t want it anymore”, he said.