Energy Holding has the second-largest electricity acquisition contract with Hidroelectrica. The final talks between the two companies on the deal are due on Tuesday.
Apart from Energy Holding, Hidroelectrica will also negotiate with Elsid and Electrocarbon on Tuesday, with talks to be resumed on Wednesday with aluminum smelter Alro, the largest energy consumer in Romania. A decision in Alro’s case is due at the beginning of August.
“We reached and agreement on the price, but we want the duration of the contract to be reduced by three years. If they don’t agree with this condition, the contract will be terminated,” says Remus Borza, the lawyer who controls Euro Insol, the company designated as judicial administrator of Hidroelectrica after the largest energy producer in Romania went insolvent on June 20.
Five of the ten bilateral contracts with Hidroelectrica have been terminated.
The ten contracts caused total losses of EUR1.3 billion for the Romanian state, according to information from the Economy Ministry. Alpiq RomEnergie, Alpiq RomIndustries, Euro P.E.C., EFT AG and EFT Romania have been cut off from the cheapest source of electricity in Romania.
A price increase has been negotiated for the contract between Hidroelectrica and Electrocarbon, from 140.3 lei per MWh to RON198.6 per MWh. Now a verdict is expected on four bilateral contracts: Energy Holding, Elsid, Electromagnetica and Alro.
(English version by Daniela Stoican)