SNLO, Salrom and CLMB Patinoar Brasov were buying low amounts of energy, at some of the highest prices applied by Hidroelctrica in bilateral contracts. Even so, the prices were nearly half the ones obtainable on the regulated energy market, OPCOM.
Economy Minister Ion Ariton on Thursday published an activity report for 2011, where he says Hidroelectrica terminated four contracts.
“Following talks with representatives of the International Monetary Fund, mid-December we have decided to send out notifications for the termination of all bilateral contracts within the legal timeframe. Four of these contracts have been terminated,” Ariton said without offering any details.
Hidroelectrica was massively affected by the drought seen in the second half of the year, and in September it was forced to call force majeure and reduce the quantities of electricity delivered in all contracts.
“This allowed the company to deliver exactly the amount it produces. In parallel, we have sent to (the European Commission) the literature needed to identify legal solutions to terminate all bilateral contracts,” Ariton said.
Companies that have bilateral contracts with Hidroelectrica include Alro Slatina, Romania’s largest electricity consumer, Alpiq RomEnergie, Alpiq Romindustries (former Buzzman Industries).
In 2006, the Economy Ministry announced it plans to publish the provisions of bilateral agreements concluded by Hidroelectrica, but the companies that were buying the energy opposed the measure and the data remained confidential. Three years later, President Traian Basescu asked the Government to publish the manner in which energy is sold, and to correct abuses or illegalities, but the initiative remained without results.
Ultimately, the information on the bilateral agreements was published by investment fund Fondul Proprietatea (FP.RO), which holds minority stakes in the largest state-owned companies.