Hidrolectrica has sent notice of cancellation to the beneficiaries of bilateral energy contracts, informing them of its intention to terminate ongoing deals at the earliest legally possible date, the company said.
Under a EUR3.5 billion loan agreement with the International Monetary Fund, the Romanian authorities pledged to terminate Hidrolectrica’s bilateral contracts for energy not traded on the OPCOM market.
Additionally, the authorities will make sure that “new bilateral contracts are made transparently and non-discriminately through the energy market OPCOM,” according to the country’s latest letter of intent to the IMF.