“Both our investigation into the duration and the size of Hidrolectrica’s contracts and the inquiry launched by the European Commission regarding the price of the contracts are in their early stages. It will take at least until the year-end to complete them,” Chiritoiu told a news conference.
Hidrolectrica last year notified 14 companies it plans to cancel or adjust bilateral contracts signed outside the energy market OPCOM. Under the contracts, signed between 2001 and 2003, Hidrolectrica offers companies electricity at prices sensibly below market rates.
Five of the bilateral deals were cancelled or renegotiated in 2011, with another nine contracts pending negotiations.
Late April, the European Commission has launched five investigations into preferential tariffs at Hidroelectrica to determine whether the company has indirectly subsidized clients by selling them electricity at prices below market levels or by buying from them at prices above market levels.
Romanian Economy Minister Daniel Chitoiu said recently that Hidrolectrica has managed to amend the bilateral contracts signed with corporate clients and has updated its tariffs with current competitive rates.
The minister declined to give additional details, saying negotiations were still ongoing.