Ignat said in a statement that he decided to return to the private energy sector.
Ignat’s attributions at ELCEN will be taken over by Emilian Mateescu, director within ELCEN, until a replacement is appointed.
ELCEN reported a preliminary turnover of RON1.9 billion (EUR428 million) in 2014, up 19% from RON1.6 billion a year before. Also, it posted a net profit of RON30 million last year, down 41% from RON51 million a year before, due to the gas price increase.
ELCEN will merge with its main debtor, heating distributor RADET. Ahead of the merger, ELCEN was split and transferred part of the assets to two newly-established companies, Electrocentrale Constanta and Electrocentrale Titan, while the remaining company will merge with RADET.
After the split, ELCEN owns thermoelectric power plants Vest, Sud, Grozavesti, Progresu and Uzina de Reparatii, as well as other assets.
Electrocentrale Constanta owns thermoelectric power plant Palas and the thermal power transport network for the city of Constanta, as well as other assets of ELCEN. Electrocentrale Titan owns thermoelectric power plants Titan and Fantanele, as well as other assets of ELCEN.
RADET has RON3.58 billion debts to ELCEN, while ELCEN has RON570 million debts to banks.
ELCEN was established in December 2002, as a unit of power producer Termoelectrica, and is currently owned by the Economy Ministry, with a 97.51% stake, and natural gas producer Romgaz Medias, with a 2.49% stake. It is the biggest thermal power producer in Romania (40%) and Bucharest (90%) and one of the major electric power suppliers in the country (4.8%).