Mozambican Hydroelectric surpassed production targets in the first half of the year
Hidroelétrica de Cahora Bassa (HCB), Mozambique’s main electricity producer, announced today that it reached 7,965 Gwt (gigawatt)/hour in the first half of this year in hydroelectric production, an increase of 15 percent compared to the same period last year.
“This is a production achieved without the occurrence of work accidents and that exceeds the most optimistic expectations at the mercy of the availability of water and production equipment,” said HCB in a statement.
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For the president of HCB, the results will allow the company to strengthen the financing of rehabilitation projects that are underway throughout the production chain, allowing HCB to continue to be a strategic company.
“We have the duty to manage and operate the company in a judicious, responsible and transparent manner in order to achieve its objectives,” added Boavida Muhambe, also cited in the statement.
The company also said that in the first half of this year the reservoir’s water resources were 324.63 meters above average sea level, which corresponds to 93 percent of its useful storage capacity.
“The achievement of this storage level results from judicious measures adopted during the last rainy season,” he explained.
On the other hand, according to the HCB note, the company’s shares on the Mozambique Stock Exchange remain “appetizing,” although they have underperformed the price of the Public Offering held in 2019.
“The shares remain appetizing in the secondary market, generating considerable transactions, and to date the company has proceeded to pay dividends totaling 3.7 billion meticais [58 million euros], corresponding to 36 percent of profits,” the note revealed.
The Mozambican state holds 85 percent of HCB’s shares, 7.5 percent belong to the Portuguese Redes Energéticas Nacionais (REN), and four percent belong to national investors, with the remaining 3.5 percent held by HCB itself.
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