Vosganian: National energy company cannot be set up without legislation of holdingcompany

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The setting up of a national energy company has to be accompanied by the legislation of a holding company, for the identity and prestige of the component companies to be kept, said on Tuesday Minister of Economy and Finance Varujan Vosganian, present at a seminar on energy efficiency.
 
He said the Ministry of Justice has to take swift action for the legislation of a holding company to be set and implemented.
 
"In a holding company formula, which I like, each company of this entity has to sell energy separately. It is sure that the producers of energy in the company cannot sell electricity preferentially to the distributors in the company, so, the market rules will be kept, " the minister stressed.
 
A draft Government resolution recently published by the AVAS Privatization Authority says that Electrica Co. will raise its share capital and will issue new shares, for all the shares the state holds at Hidroelectrica companies and the energy complexes at Rovinari and Turceni to be sold.
 
Under the draft, the shares the state holds at Hidroelectrica will be transferred from the Ministry of Economy and Finance to AVAS.
 
Electrica’s share capital will be raised with the contribution in kind of the state, through AVAS, representing all the shares the state holds at Hidroelectrica and the complexes of Rovinari and Turceni, and new Electrica shares will be issued, to be taken over by the state, through AVAS, in exchange for the contribution in kind.
 
Virtually, all the shares of the three companies will be transferred from the private ownership of the state and from AVAS management to Electrica Co.
 
Vosganian recently said that a national energy company will be set up by end April, and over 60 percent of it is to be privatized.
 
Vosganian said the future company will be called Electrica. The national energy company will have the current structure of Electrica, including the energy supply component, to which electricity generation from thermal and hydro sources will be added.
 
According to Vosganian, the new company will include thermal and hydro-electric production units and the three non-privatized electricity distributions, i.e. Electrica Muntenia North, Electrica Transylavania North and Electrica Transylvania South.
 
Vosganian said Nuclearelectrica and the thermal power stations with debts will not be included in the new entity.
 
The idea of the setting up of a Romanian energy company was presented by PM Calin Popescu-Tariceanu, in early Sept.2007, when the Government approved Romania’s national energy strategy for 2007-2020. The prime minister then said that the new entity will not go counter to the European provisions saying that it is mandatory for production, transport and distribution of electricity to be separate.
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