“As you may know, we’ve experienced a technical problem at the plant at the end of 2011, which caused a delay of the inauguration date. To reduce reoccurrence risks, we have decided to make this investment [in the gas treatment unit],” Mariana Gheorghe told a news conference.
The construction of Petrom’s power plant in Brazi kicked off in 2009 and was completed in August 2011, in an investment worth EUR530 million. The 860 MW plant was supposed to start production in December 2011, but the deadline was put off due to technical malfunctions.
In 2012, the total net electrical output of Brazi power plant was 1.58 terawatt-hours (including the commissioning phase). Since its start of commercial operations in August 2012, Brazi covered approximately 6% of Romania’s electricity production over the same period, according to company data.
Petrom estimates Romania’s electricity market declined 5% year-on-year in 2012, which caused the country to become net importer of energy.
Petrom is majority owned by Austria’s OMV (OMV.VI), with a 51% stake. Romania’s Economy Ministry and investment fund Fondul Proprietatea hold 20.63% and 20.11% in Petrom, respectively, while the remaining shares are traded on the Bucharest bourse.
At around 12:10 pm Thursday, Petrom traded down 1.34% at RON0.4411 a share, amid a declining market. (EUR1=RON4.3799)