The supply contract regulation will only be maintained for state companies, Ponta said during a conference on energy issues.
Ponta stressed out the government decided that all energy transactions should be closed on OPCOM in order to prevent new bilateral contracts between state companies and the “wise guys.” Hence, private investors warned this stiff regulation prevent them from making certain investments and get banking financing without an energy supply contract.
The government undertook to the International Monetary Fund to sell on OPCOM all the energy available after renegotiating or terminating the bilateral contracts.
Hidrolectrica, Romania’s largest power producer, has filed for insolvency in June this year and is currently undergoing reorganization. The company cited several reasons for starting the insolvency procedure, including a prolonged drought, damaging executive decisions and unprofitable delivery contracts with over a dozen companies.
In 2011, Hidroelectrica supplied 1.52 billion lei (EUR360 million) energy to the “wise guys”, down by RON300 million compared with 2010. Bilateral contracts represent half of the state company’s energy sales in 2011.