Hidroelectrica sent a note to shareholders for which it was accused by an environmental organization of containing false information, but the company will conduct a new feasibility study, with new indicators, the company’s press office told us.
“Following the issuance of the Environmental Agreement, the company initiated the necessary technical expertise to update the project documentation. The expertise was completed in June 2026 and constitutes the basis for the development of a new feasibility study by the Design Department, based on which the technical and economic indicators of the investment will be updated, in accordance with the provisions of the Environmental Agreement and the conclusions of the technical expertise,” claim Hidroelectrica officials. The indicators thus updated will go through the approval circuit provided for by the legal framework and the company’s internal regulations, and will subsequently be brought to the attention of shareholders, in accordance with the provisions of the Articles of Association.
“The document referred to is an information note addressed to the General Meeting of Shareholders, drawn up in accordance with the provisions of the Articles of Association of the company, by which shareholders are informed of the Supervisory Board Decision no. 92/2024 on the approval of the technical-economic indicators of the project. The note does not have as its object the approval of new technical-economic indicators nor the promotion of a new variant of the project, but exclusively the information of the General Meeting of Shareholders regarding a decision already adopted by the Supervisory Board.
For a correct understanding of the context, it is essential to refer to the chronological sequence of the issued documents and the procedural stages completed within the project. The Supervisory Board Decision no. 92 on the approval of the technical-economic indicators was adopted in December 2024. Subsequently, on June 17, 2025, the Environmental Agreement no. 2 for the project was issued. Although the information note of was developed in 2026, its sole purpose is to inform the General Meeting of Shareholders regarding Supervisory Board Decision No. 92/2024, adopted prior to the issuance of the Environmental Agreement, and does not represent a document updating the technical-economic indicators of the project”, say company officials.
“The qualification of the information note as including ‘false information’ does not take into account the nature, object and procedural context in which it was drawn up. The document has as its object the information of the General Meeting of Shareholders regarding the Decision of the Supervisory Board no. 92/2024 and does not represent the documentation for updating the technical-economic indicators following the issuance of the Environmental Agreement. Analyzing it outside the chronological sequence of the documents and procedural stages of the project may lead to conclusions that do not fully reflect the factual situation.
Under these conditions, Hidroelectrica firmly rejects any interpretation according to which it sought to mislead shareholders or present information contrary to the applicable legal framework. The documents referred to in the public space correspond to distinct procedural stages and must be analyzed in relation to the moment in which they were drawn up and the object they have, without being extrapolated to the subsequent stages of updating the project.
Hidroelectrica is implementing the project and will continue to implement it in compliance with the provisions of the Environmental Agreement and all applicable legal requirements.
Hidroelectrica reaffirms its commitment to transparency, compliance with corporate governance principles and correct information for shareholders, investors and public opinion.”
