Hidroelectrica (BVB: H2O), one of the largest companies listed on the Bucharest exchange and majority-owned by the Romanian state, appointed Iulius–Dan Plaveti as new CEO, and Stan Mihail-Dan as CFO.
Two candidates were in the running for the top position in Hidroelectrica when the procedure was initiated in March, after the failure in the autumn of 2025: the interim CEO, Bogdan Badea, and the general director of Oltenia Energy Complex, Iulius Plaveti.
Last month, Bogdan Badea announced his withdrawal from the race for the company’s leadership, citing political pressure. However, Badea stated that he is not leaving the company and will keep his position as investment director of Hidroelectrica.
Plaveti graduated from the Faculty of Aircraft of the Polytechnic University of Bucharest in 1993. Before becoming CEO of Oltenia, Plaveti led Hidroserv, the maintenance subsidiary of Hidroelectrica, between 2018 and 2021. In 2017, he was for a short time a member of the Supervisory Board of Transelectrica. He led CFR Călători between 2015 and 2017 and was general director at Tarom between August 2016 and February 2017. An overlap of mandates was pointed out by critics in the media, according to Ziarul Financiar.
Previously, between 2009 and 2012, he held vice-president and president positions at ANRE, the energy regulatory authority.
The new top company officials started their mandates on May 29 and will be in office until November 2027, according to a decision of the Supervisory Board.
“The mandate will be accepted after Mr. Iulius Dan Plaveti renounces all positions of administrator and/or director held in boards of directors, supervisory boards, and management boards, both in companies with fully or majority state capital, as well as in companies with private capital,” the company said in a statement.
In its latest filings, Hidroelectrica showed higher revenues (+67% to RON 3.13 billion) and doubled net profits to RON 1.3 billion. Earnings per share reached RON 2.91, compared to RON 1.31 in Q1 of 2026.
The Danube flow reached about 6,900 cubic meters per second in the first quarter, above 2025 levels, which allowed a net production of 3,608 GWh, namely 36% more than in the same period of the previous year. The additional energy produced was mainly directed to the wholesale market, where revenues increased by 85%.
At the same time, Hidroelectrica aggressively expanded its supply portfolio: as of March 31, 2026, it had 1.31 million consumption points, almost double compared to one year earlier. The growth comes both from the household and non-household segments, and the company held in January 2026 a 18.21% market share in the competitive segment, ranking first.
(Photo source: Inquam Photos|Octav Ganea)
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