2020 was a challenging year for Hidroelectrica, one of the companies responsible for ensuring energy security in Romania, said Bogdan Badea, CEO Hidroelectrica, at the 8th annual edition of Spring Cocktail, a concept event organized by Energynomics.
“We have taken quick steps to ensure the necessary conditions in the main units we operate and have isolated the staff. It was not an easy task, but we managed to do it. We had to make sure that shift exchanges are carried out without harming our colleagues, so we can guarantee the security of the power supply,” Badea said.
Another crisis-induced hurdle was lower electricity prices as many companies shut down and demand fell. “The revenues were not at the volume we expected, and the first 6 months of the year were dry compared to the previous years. In this context, I am very happy that at the end of the year we managed to finish with good financial results, compared to what was estimated in the budget before the crisis. It was an important test for us, in terms of resistance, and we passed this test. At the same time, we have doubled our investments in modernization – an achievement for us given the context and relationships with our contractors, also affected by the crisis,” Badea added.
Also last year, Hidroelectrica managed to diversify, carrying out one of the most important M&A transactions of the year – the acquisition of the wind projects managed by Steag. “We managed to make the first purchase – the first 108 MW wind farm, Crucea, a transaction signed last year and which received all the approvals a few weeks ago. The next project is to merge the companies and operate them together with the hydro units. We will not stop here, we will make other investments in new capacities – keeping the green label – we will only invest in renewable projects. We are ready to invest in offshore wind and we are waiting for the profile legislation to be ready as soon as possible. Hidroelectrica will definitely be part of the project that will be developed on the Black Sea and I hope that the entire potential of the Black Sea will be a priority for Romania, not only the wind potential but also the gas potential”, he added.
The Green Deal affects the entire European energy sector, and old capacities will be replaced by renewable ones.
At the same time, Hidroelectrica is preparing for the listing process as Parliament approves the necessary legislation. “All our priorities, all investments need a lot of capital. Hidroelectrica is a big company, but if it wants to achieve the big goals, it needs more capital, the right partners, and we need to use our potential to be not only a leading national player but also a regional player.”
This conference Spring Cocktail 2021 was organized by Energynomics, with the support of our partners: AON România, Automobile Bavaria, Electrica Furnizare, Hidroelectrica, ING Bank România, OMV Petrom, PeWeTe, Photomate, Siemens.
Almost 250 people joined the MyConnector platform to watch the LIVE event and the speeches.