“(The National Defense Council) will be informed, in the next meeting, that the Government no longer plans to create Electra and Hidroenergetica. The restructuring of the energy segment will involve the creation of the Oltenia and Hunedoara complexes,” Jujan told a news conference.
Electra and Hidroenergetica had been designed as two state-owned energy giants that cluster the bulk of Romania’s energy producers. However, the project, approved by the government in 2009, was challenged in court by investment fund Fondul Proprietatea (FP.RO), which holds shares in most of the companies targeted for clustering.
Instead of creating Electra and Hidroenergetica, the government now wants to form two smaller companies, namely the Oltenia Complex and the Hunedoara Complex.
The Hunedoara Energy Complex will include the thermal power producers Paroseni and Mintia, as well as the viable mines owned by CNH.
The Oltenia Complex would include mining company SNLO and thermal power producers Craiova, Turceni and Rovinari.