Shareholders of Elsid Titu company, Mihai Tufan and Mihai Anastasescu, lost their case against Euro Insol, the financial administrator of Hidroelectrica, the appeal formulated by them against the application in 2012 of force majeure in the contract supplying electricity concluded with Hidroelectrica being denied by Bucharest Court of Appeal. “Elsid contested the application of force majeure in 2012, registered with Bucharest Court with no. 31833/3/2012. By civil sentence 1443/11.02,2015 the Court denied the appeal and compelled Elsid to pay court expenses. Elsid appealed and the decision became final,” a Hidroelectrica press release reads. Elsid, an energy trader and producer of electrodes contested the activation of the force majeure clause by Euro Insol over August 1, 2012-December 1, 2012, a clause which led to reducing the quantity of energy delivered by Hidroelectrica to Elsid. In 2012, Hidroelectrica faced the biggest draught in the history of the company. That year the Danube recorded the lowest flow in the last 150 years and Hidroelectrica had the lowest energy production ever of only 11.8 TWh. At that moment the company had signed contracts of 20 TWh. In order to honour those contracts the company bought energy at prices of 260-300 lei/MWh from thermo producers and from the market at 350-400 lei/MWh to sell it for 103-132lei/MWh. When insolvency procedure was initiated, companies Elsid and Electrocarbon Slatina, another company owned by Mihai Tufan and Mihai Anastasescu, had a contractual price of 103 lei/MWh, unable to cover the price of 187 lei/MWh and lower than the market price of about 220 lei/MWh. The two contracts concluded by Hidroelectrica with Elsid Titu and Electrocarbon Slatina generated a loss of 200 million lei over 2006-2012. Hidroelectrica is in insolvency for the second time in the last three years, the first one being between June 2012 and June 2013. After opening the procedure, Euro Insol started negotiations with energy traders to align the contract price (103-132 lei/MWh) to the market electricity price, where energy was sold at double prices (220-300 lei/MWh). Selling electricity at contract prices generated losses of 4.875 billion lei (about 1.1 billion euros) over 2006-2012.
Traffic is restricted in central Bucharest after local authorities started work at the degraded Unirii platform. Splaiul Independenței, between Națiunile Unite Square and Unirii Square, is the first area with restrictions. District 4 mayor Daniel Băluță, who heads the reconstruction project valued at RON 800 million (EUR 158.6 million), said that the areas in front […]
The "Pământul Strămoșesc" Association, founded by former presidential candidate Călin Georgescu and several others, announced on Friday, June 6, that it will dissolve. The association, named after a Legionary magazine that circulated during the interwar period, was established in 2021 by Călin Georgescu, along with a former AUR parliamentary candidate and former officer of the […]
EVConnect, one of the pioneers in electromobility in Romania, announced a strategic partnership with Selgros, dedicated to expanding the electric vehicle (EV) charging infrastructure. The collaboration aims to install over 40 charging stations in Selgros commercial centers’ parking lots, providing customers with access to fast EV charging options. The first charging stations are already operational […]
Roughly 5,000 soldiers from Italy, Moldova, Romania, and the United States are participating in the multinational Saber Guardian 25 (SG25) exercise, running from June 9 to 24. The exercise is led by the US Army Europe (USAREUR) and the Romanian Joint Forces Command “General Ioan Emanoil Florescu.” Military activities take place across multiple training areas […]
Protests that were initially peaceful quickly turned violent after two 14-year-old Romanian boys were charged with the rape of a teenage girl in the small town of Ballymena, Northern Ireland. The alleged rape took place Saturday, June 7, and their case was heard the following Monday. The BBC, which did not release the identities of […]
The Democratic Alliance of Hungarians in Romania (UDMR) has launched a public appeal for donations to support the community of Praid, where devastating flooding recently forced the closure of the area’s salt mine and brought tourism to a standstill. Flooding completely disrupted operations at the Praid salt mine, a major economic driver in the region. […]
