Hidroelectrica steps up capex in 2025 as weak hydrology tests Romania’s hydro leader

Even as Romania faced one of the toughest hydrological environments on record, Hidroelectrica delivered its strongest investment track record to date—underscoring how capital spending can remain resilient when generation volumes are under pressure.

The company said it ended 2025 with approximately €156 million allocated to modernization efforts and new production projects. The spending level was tied to an investment performance that management described as the best on record for the electricity producer, linked through investment performance.

Capital expenditure accelerates despite difficult water conditions

Total investment rose by 32% versus 2024, which had previously been Hidroelectrica’s top year for capital expenditure. Management framed the rollout of infrastructure upgrades and additional capacity as part of a broader plan to reinforce its standing as Romania’s leading renewable electricity producer.

The challenge was operational: throughout much of 2025—especially during the first nine months—weak hydrological conditions constrained power generation. As a result, hydroelectric output fell by 14% year-on-year, leaving 2025 as the weakest year on record for Romanian hydro production.

Profitability holds up as revenues rise

Lower generation volumes did not translate into weaker overall performance. Hidroelectrica reported revenues of €1.92 billion, up 5% from the prior year, while consolidated net profit reached €675 million. The company said these results were achieved despite a more challenging market backdrop, keeping it among the most profitable utilities in Romania.

Management pointed to improved outcomes later in the year, attributing them to prudent water management, a well-timed approach to electricity sales, and optimization across its commercial portfolio. It also highlighted 2025 as an important period for progressing long-term commitments connected with modernization and capacity expansion.

A larger retail footprint alongside generation assets

beyond generation, Hidroelectrica expanded its role in supply activities. Its retail portfolio grew to 1.16 million consumption points, nearly doubling compared with the previous year—reinforcing that it is not only a major generator but also a significant electricity supplier.

The company currently operates 188 hydropower plants, totaling 6.4 GW, and also runs the 108 MW Crucea wind farm. With this asset base, Hidroelectrica remains Romania’s largest renewable electricity producer and maintains what it describes as the country’s largest electricity customer portfolio.