Wednesday, December 15, 2010

Romania's Hidroelectrica Sees Gross Profit Surging to 110 Mln Euro in 2010

BUCHAREST (Romania), December 14 (SeeNews) - Romanian state-run hydropower producer Hidroelectrica sees its gross profit surging to 110 million euro ($148 million) this year from some 15 million euro in 2009, local daily Ziarul Financiar reported on Tuesday.

"The main challenge next year will be costs cutting. We aim to reduce costs by 10%," Ziarul Financiar (www.zf.ro) quoted Hidroelectrica's head Mihai David as saying.

He added that the company has signed a 50 million euro loan agreement with Romania's top bank, BCR, to finance the upgrade three of its high-capacity power plants: Olt, Lotru and Portile de Fier 2.

Hidroelectrica has also applied for EU financing to build 10 small hydro power plants in the northeastern region of Moldova. It also plans to build three similar plants in the central county of Brasov.

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