Romania's Hidroelectrica sells 431,360 MWh of electricity on local mkt

Romania's largest hydropower producer Hidroelectrica said on Monday it sold 431,360 megawatt-hours (MWh) of electricity for a combined 81.1 million lei ($25.2 million/18.3 million euro) on the domestic power market.

Hidroelectrica sold the electricity at an average price of 187.94 lei per MWh via auctions held on May 9, it said in a statement. Romania's electricity market is operated by state-controlled OPCOM.

The power producer will deliver the electricity between May 19, 2014 and June 30, 2015 under contracts signed with Arelco Power and Electrica Furnizare.

State-controlled Hidroelectrica was placed back under a reorganisation procedure in February after exiting insolvency proceedings in June 2013. As soon as it exits insolvency again, the company plans to issue new shares equivalent to a 15% stake and offer them to investors on the stock exchanges in Bucharest and London.

Romania's government owns 80.06% of the company and property restitution fund Fondul Proprietatea owns the remaining.

The company plans to produce 13.8 terawatt hours of electricity this year.

(1 euro=4.4302 Romanian lei)

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