Hidroelectrica is still in the process of renegotiating its energy sale contracts with Alro, Elsid and Electrocarbon.
Euro Insol, the insolvent power producer’s administrator, announced Tuesday that the company has terminated a deal with Energy Holding, responsible for losses of 1.4 billion lei (EUR300 million) since 2006.
Hidroelectrica previously canceled five other energy sale contracts – with Euro-P.E.C., EFT, Alpiq RomIndustries and Alpiq RomEnergie.
Economy Minister Daniel Chitoiu said last week that the power producer might terminate all its deals for cheap energy by the end of July, and become solvent again in the fourth quarter.
Chitoiu said contracts for energy sold at prices below the market level caused Hidroelectrica losses of RON4.5 billion or EUR1.2-1.3 billion. These deals were signed in 2001-2003 and expire in 2014, 2015 and 2018. (EUR1=RON4.6186)