Hidroelectrica is being hit by lower water levels in major rivers, particularly the Danube, while Nuclearelectrica has suspended production for more than a month because of the Danube’s low water level.
Hidroelectrica’s adjusted net profit forecast for this year has been cut to RON 3 billion, 16% below the initial budget, reflecting a 4% decline in revenues and a 4% increase in expenses, Economica.net reported. The company’s market capitalisation stands at RON 81 billion, following a 50% rise in its share price over the past year.
Nuclearelectrica shares have fallen by 9.2% over the past month and 16.3% over the past six months, although they remain 18.5% higher year on year.
The prolonged shutdown of the Cernavodă nuclear power plant has also affected independent electricity suppliers forced to replace contracted volumes with purchases on the wholesale market.
Getica 95, Romania’s sixth-largest electricity supplier, filed for insolvency after losing access to electricity it had contracted from Nuclearelectrica and having to purchase replacement volumes on the market, according to Adevarul.ro. The company says it has incurred losses of RON 230 million.
Nuclearelectrica had contracted electricity deliveries for this year at approximately RON 550 per MWh. With the expected volumes from Cernavodă unavailable, Getica 95 has had to purchase electricity on the PZUM, Romania’s day-ahead market. Prices during peak hours can frequently reach RON 1,500 per MWh or more.
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