”As of January 27th, 2017, Electrica SA, in its Balancing Responsible Party business line, has a 36.3 MRON exposure on one of its clients, Transenergo. As the client filed for its insolvency, with ELSA and another market player also filing separate insolvency requests, management expects low recoverability of the total exposure,” the company said in a statement to Bucharest Stock Exchange.
The Romanian energy market has recently entered a turbulent stage, which resulted in significant increases in electricity consumption and in market prices, both reaching historical highs.
Electricity and natural gas supplier Transenergo, one of the largest energy traders on the Romanian market, filed for insolvency on January 17, 2017.
Electrica also announced that its Board of Directors decided to revoke Executive Manager of the Sales Coordination Division, Ramiro Robert Eduard Angelescu, and to appoint Livioara Sujdea as Executive Manager – Chief Distribution Officer, starting with February 1, 2017.