The story
The successor to the Ministry of Electricity, RENEL, was founded in 1990. [1]
The Romanian Energy sector was reorganized in 1998, by creating (in compliance with GD 365), a holding company, CONEL, with four subsidiaries: Termoelectrica, Electrica, Hidroelectrica, Nuclearelectrica. In 2000, these four companies became, in compliance with GD 627, fully state-owned companies. Additionally, Transelectrica was also created. [2]
In 2001, a strategy for the development and modernization of the energy system is drawn up, Hidroelectrica included, with the main purpose of attracting private capital to complete the investments initiated. [3]
A reorganization process follows in 2002 for Hidroelectrica, completed with the establishment of eight repair and maintenance companies. [4]
In 2003, a severe drought has serious consequences on the activity of Hidroelectrica. But the company manages to develop a relaunch strategy for 2004-2025. [5]
As a result, in 2004 Hidroelectrica manages to pay off 60% of the company's debt and a year later achieves a record for the company's electricity production - 20.1 TWh. At that point, the company’s results saw Hidroelectrica rank 6th in the "Top 100 most valuable companies in Romania", made by Ziarul Financiar. [6]
In 2008, Hidroelectrica ranks 5th in the same top. [7]
In 2010, Hidroelectrica achieves a production of 19.85 TWh and sees a record profit, given the national and international crisis conditions. [8]
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But in 2012 the company went into insolvency in order to reorganize its business. The Ministry of Economy, Trade and Business Environment, the majority shareholder of the company, with 80.06% of the share capital, and Proprietatea Fund, as a minority shareholder, with 19.94% of the share capital, decide to appoint Remus Vulpescu as special administrator of Hidroelectrica. [9]
In 2013, the measures to optimize the company’s activity saw a decrease in the organizational chart by 315 positions starting with January 16. 154 employees were laid off and 161 vacancies were reduced. [10]
In 2014, Hidroelectrica ended the financial year with the highest turnover in the company's history, of 3.4 billion lei, with the highest profit ever recorded, of 1.2 billion lei, and with the lowest production price in the last 5 years - of 108 lei / MWh. [11]
In 2015, Hidroelectrica kept outstanding results, registering a gross profit of 1.1 billion lei with a turnover of 3.1 billion lei. [12]
In 2017, the company sees historical results: a turnover of 3.2 billion lei, net profit of 1.6 billion lei and an EBITDA of 69%. [13]
Starting 1 March 2019, with GEO 114/2018, the regulated market was reintroduced in Romania, reversing the trend of liberalization of the energy market in Romania, completed in 2017. [14]
During 2019, in accordance with GEO 109, the selection procedures were established, both for the members of the Supervisory Board and for the Hidroelectrica Board of Directors. The company thus fulfilled one of the necessary conditions to ensure the implementation of the development strategy, by ensuring a stable executive management, with a four-year term, and in July 2019, the shareholders approved the company's Management Plan for a period of four years. [15]
From Wikipedia’s article on Hidroelectrica, shared under CC BY-SA 4.0.4