“Hydrologic conditions have improved… and the rain prognosis for May is slightly favorable. The force majeure will be lifted as of May 2012,” the ministry said.
In September 2011, Hidroelectrica declared force majeure due to a prolonged drought. The company reduced production and cut deliveries to companies.
“Hidroelectrica has notified its partners that the force majeure will be lifted on May 1. Therefore, energy deliveries should resume according to schedule,” the ministry said.
Hidroelectrica delivers 70% of its energy output to industrial consumers, under a series of bilateral contracts signed in the early 2000s.
Last year, the company has notified its corporate clients it plans to cancel or adjust bilateral contracts signed outside the energy market OPCOM, which offer companies energy at prices sensibly below market rates.
The controversial contracts have stirred numerous protests over the past year and the European Commission has launched an inquiry into the matter to determine whether the cheap energy constitutes illegal state aid.
Hidrolectrica is 80%-owned by the Economy Ministry, while investment fund Fondul Proprietatea (FP.RO) holds the reminder stake. The ministry plans to sell a 10% stake in the company by the end of October.
A consortium comprising BRD, Citigroup, Societe Generale and Intercapital Invest will broker the sale.