Romanian state-owned hydroelectricityproducer Hidroelectrica is to offload 88 hydro power plants, with a combined capacity of 58MW, the company said in a statement on Tuesday (14th May).
The plants will be sold through public auction in June.
The move is part of the company`s plan to restructure operations, maximise revenues and ultimately avoid bankruptcy.
Hidroelectrica filed for insolvency in June 2012, owing to severe revenue losses (see EDEM 18 June 2012).
Later in the summer, it declared force majeure on all delivery contracts, slashing its August production to a historical minimum (see EDEM 6 August 2012).
In the same month, the producer secured a 70% improvement on one of its long-term supply contracts, one of six renegotiated after filing for insolvency (see EDEM 13 August 2012).
Last September, the company then revealed that it owes €827m to creditors (see EDEM 10 September 2012).
In November, Hidroelectrica said it had earned €30m from electricity sales on the bilateral platform of the country`s OPCOM power exchange. The traded volume was the largest sold by the company on the exchange (see EDEM 21 November 2012).
In April 2013, Hidroelectrica registered record production of 1.62TWh, the company said last week. It also secured 85 delivery contracts on OPCOM`s bilateral trading platform.

(THE ICIS HEREN REPORTS - EDEM 17092 / 14 May 2013)