Nicolae Bogdan Codrut Stanescu, 40, has filled in several position in key institutions over the past years, such as the Privatization Authority AVAS, the Central Bank, and the Economy Ministry.
In turn, Gabriel Dumitrascu was revoked from the position of Hidroelectrica’s special administrator without any explanation from the Energy Ministry, the company’s majority stockholder.
Stanescu is the 4th special administrator in only three years. The first special administrator was Remus Vulpescu, in 2012, followed by Ioan Mihaila, in 2013, currently sentenced to four years detention time in the file involving bribe at Hidroelectrica, and then Gabriel Dumitrascu, appointed in February 2014.
Hidroelectrica is 80% owned by the Romanian state, through the Ministry of Energy, while Fondul Proprietatea owns a 20% stake. The company has been insolvent since February 2014, for the second time in less than a year. Hidroelectrica went through insolvency procedures in June 2012 – June 2013.
Romania’s largest power producer entered insolvency in June 2012 after it sold electricity outside the energy exchange at prices below market levels. The company was court-ordered into a second insolvency process in February 2014, less than eight months after completing a one-year reorganization process.
In January-May, Hidroelectrica reported a historical profit worth RON625 million, up by RON150 million compared with the similar period a year before, while production rose by 1.1 TWh to 8.3 TWh, Borza said.
(English version by Manuela Panescu)