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.
Romanian prime minister Ilie Bolojan stated during an interview on Wednesday, December 17, that there should be no statute of limitations in cases of serious corruption. The statement comes after a Recorder investigation, which showed that several heads of the major institutions in the Romanian justice system allegedly delayed trials for years until wrongdoings were […]
President Nicușor Dan has challenged, before the Constitutional Court (CCR), the constitutionality of the law that requires that at least 40% of the athletes who play on a team in official national competitions be Romanian. Dan noted that the law violates the principle of non-discrimination and the free movement of workers, enshrined both in the […]
Craiova International Airport will open its new passenger terminal on Thursday, December 18, completing a major infrastructure investment aimed at significantly expanding capacity and improving air connectivity in southwestern Romania. It is part of a broader expansion and modernization project financed through the Large Infrastructure Operational Programme (POIM) 2014–2020, with a total value exceeding EUR […]
Romania is set to be connected to the Western European energy network thanks to grid investments worth EUR 30 billion. The funds will be provided by the EU by 2035, and the project will link Romania to Hungary and Austria in a joint project. Romanian energy minister Bogdan Ivan signaled the signing of the new […]
Franck Bagouet has been appointed managing director of TotalEnergies Marketing Romania SA and managing director of Automotive Southeast Europe Hub TotalEnergies Marketing. He succeeds Didier Grimault, who has accepted a new position within the TotalEnergies company. “I am glad to join this dynamic affiliate and confident that, together with our talented team, we will reinforce […]
Databricks, the data analytics and artificial intelligence company co-founded by Romanian professors Ion Stoica and Matei Zaharia, announced on Tuesday, December 16, that it is raising USD 4 billion in funding at a valuation of USD 134 billion, according to CNBC. The new valuation represents a 34% increase compared to the August round, when Databricks […]
