RADET’s debts to ELCEN totaled EUR3.58 billion on August 31.
ELCEN announced that Bucharest citizens will face no heating issues in the winter and that no natural gas imports will be necessary.
ELCEN general manager Marcel Octavian Nicolaescu said Tuesday that the merger with RADET is out of question. According to ELCEN officials, the two entities will work together in terms of logistical and technical support.
Nicolaescu added that the company will launch a public bid for getting a RON150 million loan, in order to pay part of the debts to gas suppliers.
Economy Minister Andrei Gerea said last week that Romanian authorities consider transferring part of ELCEN to Bucharest City hall or the bankruptcy of RADET and the setup of “RADET 2”, both triggering debt write-off.
Heating distributor RADET is subordinated to Bucharest City Hall, while Electrocentrale Bucuresti (ELCEN) is owned by the Economy Ministry.
ELCEN 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%). RADET is the biggest debtor of ELCEN.