The initial deadline would have expired at the end of 2012.
Electrica Moldova and Electrica Oltenia were privatized in 2005. Germany’s E.ON took over the majority stake in Electrica Moldova, while Czech utility CEZ acquired control of Electrica Oltenia.
Under the privatization contracts, Electrica’s employees were granted the right to purchase up to 10% in the two power companies. However, the transactions never materialized.
According to sources in the energy market, Romania’s Supreme Court is expected to decide whether the privatization provision allowing Electrica’s employees to buy 10% in Electrica Moldova is constitutional, after E.ON lodged a petition on the matter with the International Court of Arbitration in Paris.
The arbitration court has approved E.ON’s request and the matter was referred to the Romanian supreme court, the people told MEDIAFAX.
E.ON took Electrica to court in July 2011, accusing the company of refusing to sell its remaining shares in Electrica Moldova. Electrica replied saying it can only sell a 17% stake, since the remaining 10% is reserved for employees.
Electrica also sued E.ON arguing that the company breached several contract terms, and asked for EUR50 million in damages.
The case is being tried in the International Court of Arbitration.
Electrica is majority-owned by the Economy Ministry.