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.
East Grain Group and Poultry Investment SA have acquired the 45% stake previously held by UBM Group in UBM Feed Romania, thus becoming equal shareholders in one of Romania's largest feed producers, which will now operate under the brand Protena. East Grain is controlled by Czech agri-food group Agrofert, one of the largest agribusiness groups […]
The Foreign Investors Council (FIC) has appointed Ruxandra Băndilă as its executive director. Băndilă will coordinate FIC's activity and "will contribute to strengthening the dialogue with authorities, consolidating the organization's positioning as a reliable partner in promoting a stable and predictable business environment, as well as supporting Romania's becoming a competitive and attractive destination for […]
Romania’s European projects and investments minister, Dragoș Pîslaru, announced that he will notify the European Public Prosecutor’s Office (EPPO) regarding the purchase of electric minibuses for students with EU funds. The minister said that “multiple dysfunctions” were noted in how the EU funds were used in the project. Aside from notifying the EPPO, the minister […]
Only about 44% of employees in Romania say they have used AI in the past year, while the average usage rate in the 48 countries included in the report was 57%, according to the PwC Workforce Hopes and Fears Survey 2025 report. India and Vietnam are at the top, with 84%, followed by China (78%). […]
A new four-star hotel is set to rise next to Bucharest’s Henri Coandă International Airport, following a EUR 45.5 million investment announced by real estate developer D. GROUP. The Wyndham Garden Bucharest Airport Hotel, scheduled to open in July 2027, will introduce the Wyndham Garden brand to Romania for the first time. Located 150 metres […]
Romania ranks 3rd in a European heatwave vulnerability ranking and will experience 3 heatwave events annually, lasting 17 cumulative days with average temperatures of 36.82°C, placing it ahead of all Mediterranean countries, according to new research from climate system experts at Reinders Corporation. The study analysed climate modelling data, heatwave frequency, and average temperatures across […]
