“We need a buffer sum of RON150 million, mainly for the balancing market, a credit line that we would not use intensely. We need to cope with the delayed collections and the need to pay on time,” said Marian Mache Gheorghita, director within the company’s financial department.
He added the company plans to contract a second credit line, but there were no details offered on the value and destination of the money.
On the balancing market, companies trade energy when there are problems with supply. Prices here are higher than on other platforms of the OPCOM energy market.
The balancing market’s operator, established within Transelectrica, is a counterpart for each participant in the balancing market, in all transactions concluded.
The state plans to sell a 15% stake in Transelectrica on the stock exchange. According to the preliminary prospect for the operation, the company cannot take any more loans from banks, since it has depleted its guarantee resources. Thus, the company may turn to budget earmarks and price hikes to fund investment worth RON4 billion in the development of the power grid.
Transelectrica is 73.68% owned by the Economy Ministry, while investment fund Fondul Proprietatea (FP.RO) holds a 13.49% stake. (EUR1=RON4.3467)