Euro Insol decided to denounce the contract with Alpiq Romindustries, as it generated, between 2006 and May 3,1 2012, losses of approximately RON422,034,773, according to the report on the causes which triggered Hidroelectrica’s insolvency.
Hidroelectrica, Romania’s largest power producer, entered insolvency in June 2012 after it sold electricity outside the energy exchange at prices below market levels. The company was court-ordered into a second insolvency process in February 2014, less than eight months after completing a one-year reorganization process.
Hidroelectrica is controlled by the state through the Ministry of Energy.