Hidroelectrica’s investment strategy is not based on choosing between modernizing existing hydropower plants and completing hydropower developments already at advanced stages of construction. Modernization of the company’s hydropower assets represents the largest component of its investment program. Refurbishment of existing plants and completion of advanced hydropower developments generate different benefits for the National Power System and address distinct investment objectives. 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. 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.