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.
In the urban effervescence of the south of the Capital, where the border between Sector 4 and Ilfov blurs, the developer Ananda Group accelerates the works on phase II of the Ananda Residence complex. Located on Biruinței, the most sought-after street in Popești-Leordeni - the western area, the project approaches a residential concept designed to […]
North Bucharest Investments (NBI) proudly announces the exclusive addition of Primes Lake Collection to its portfolio. A limited collection of eight boutique apartments, located on the shores of Floreasca Lake, each occupying an entire private floor – an architectural concept unique to Bucharest. Every apartment offers an exceptional level of privacy and exclusivity, standing as […]
Oradea has become the first city in Romania where passengers can pay for public transport tickets directly on board by scanning a RoPay QR code, without the need for a payment terminal, physical card, or preinstalled app. The digital solution was launched by Oradea Transport Company (OTL) in partnership with BCR. “We are proud to […]
The story of the return of bison and beavers to Romania’s Făgăraș Mountains comes to cinemas nationwide with Arhitecții Naturii/Nature’s Architects, a new documentary by filmmaker Dan Dinu, produced in collaboration with NTD Film and the Conservation Carpathia Foundation. The film premieres in cinemas across Romania this Friday, October 24. Screenings will take place in […]
Discovery said it is bringing Romanian creativity and craftsmanship back into the spotlight with the return of Produs în România/Made in Romania, its first local production in recent years. The new episode airs on October 26, featuring two renowned brands that embody tradition and innovation - Gerovital and Cemacon. This month’s episode also introduces a […]
Romania will be able to keep three coal-fired energy units operational until 2029, following a renegotiation with the European Commission of the decarbonization timetable for the national electricity production, according to energy minister Bogdan Ivan. The minister had been warning about the possibility of a blackout, namely, a temporary, widespread loss of electricity. By keeping […]
