As a strategic company and a publicly listed issuer on the Bucharest Stock Exchange, Hidroelectrica bases its investments on comprehensive technical, economic, financial, legal and environmental assessments conducted for each individual project, in accordance with corporate governance principles and the objectives approved by its shareholders, a company release shows.
Hidroelectrica’s investment strategy is not based on choosing between modernizing existing hydropower plants and completing hydropower developments already at advanced stages of construction. These two investment directions serve different objectives and complement one another within the company’s broader development program, enhancing operational performance while strengthening the security and resilience of Romania’s National Power System.
Modernization of the company’s hydropower assets represents the largest component of its investment program. Hidroelectrica is investing more than RON 11 billion in the refurbishment of generating capacities totaling over 1,000 MW, the implementation of SCADA systems, and the development of energy storage capabilities. These investments improve the efficiency and availability of existing assets, extend their operational lifetime, and increase the flexibility of power system operations.
At the same time, the company manages a portfolio of hydropower developments that are already at advanced stages of execution and have the potential to deliver additional generation capacity, dispatchable power, and essential water management functions, including flow regulation, flood mitigation, and water supply. Decisions regarding the continuation of these investments are made on a project-by-project basis, following updated assessments of their technical feasibility, economic efficiency, financial impact, compliance with legal and environmental requirements, and overall contribution to value creation for the company, its shareholders, and Romania’s National Power System.
Hidroelectrica welcomes the interest shown by civil society in the development of the energy sector and considers that independent studies contribute constructively to the public debate on the future of energy investments. Many of the priorities highlighted in the study recently published by Declic—including refurbishment, digitalization, and the development of energy storage capacities—are already reflected in the company’s investment strategy and are supported through ongoing financing.
At the same time, Hidroelectrica’s analysis indicates that the study’s recommendations are based on a comparison between the benefits of refurbishing existing assets and the estimated benefits of other categories of investment, without conducting a dedicated assessment of hydropower projects that are already at advanced stages of construction. Refurbishment of existing plants and completion of advanced hydropower developments generate different benefits for the National Power System and address distinct investment objectives. Consequently, the study does not fully capture the complementary nature of these investments and, on its own, cannot provide a sufficient basis for recommending either the continuation or the suspension of projects that are already at advanced stages of implementation.
Furthermore, some of the indicators used in the study are average values derived from a sample of European countries and cannot be directly extrapolated to Romania’s hydropower fleet. The study’s authors themselves acknowledge that these indicators are intended for guidance only and require validation for each individual site. For this reason, Hidroelectrica bases its investment decisions on project-specific assessments that integrate technical, economic, financial, legal, and environmental criteria.
Hidroelectrica supports a public debate founded on transparency, analytical rigor, and verifiable information. The company believes that studies making recommendations on strategic investments should be accompanied by their full methodology, underlying assumptions, and data sets, enabling their conclusions to be objectively assessed and validated.
Looking ahead, Hidroelectrica will continue to pursue an investment strategy focused on the company’s sustainable development, efficient capital allocation, and strengthening the role of hydropower within Romania’s National Power System. All investment decisions will continue to be based on rigorous analysis, long-term value creation for shareholders, and full adherence to the principles of corporate governance.