“Investigations targeting Hidroelectrica’s contracts with Alro and Mittal will be finalized this year. For the rest of the contracts, with energy traders, investigations will continue into next year,” Chiritoiu said at the MEDIAFAX Talks about Competition conference.
The European Commission launched five investigations last year to assess whether Hidroelectrica breached EU rules on state aid. The Commission said at that time there were clues the state had influenced the company to sign energy trading contracts at preferential prices.
Hidroelectrica concluded bilateral energy trading contracts between 2001 and 2003, contracts that extended until 2014, 2015 or 2018. Hidroelectrica had ten direct sale contracts with Alro Slatina, Elsid Titu, Electro¬carbon Slatina, Electromagnetica, Energy Holding, Alpiq Romindustries, Alpiq Romenergie, EFT AG, Euro PEC, and EFT Romania. The European Commission wishes to establish whether the state-owned power producer indirectly subsidized its clients by underselling energy or overpaying them for acquisitions.
Hidroelectrica went insolvent in June 2012 mainly because it had sold energy to traders for below the market price. The Bucharest Court ruled the insolvency procedure closed in June 2013.