Hidroelectrica power company files for insolvency

Power company Hidroelectrica filed for insolvency on June 15, 2012, according to a public notice posted on the Bucharest Court website.

The file is to be tried on June 20, the cited source informs.

Insolvency could be a way for the company to halt bilateral contracts with the „smart alecs’ in the energy sector.

On June 6, 2012, the head of the Office of Government Industrial Holdings and Privatisation (OPSPI) Remus Vulpescu told a press conference, that the price rises in Hidroelectrica’s bilateral contracts renegotiated to date with the beneficiaries were too small, as were the cuts in energy quantities, but that none of the partner companies agreed with the cutback of the contract’s duration.

‘Some of our options would allow us to come to a conclusion relatively quickly, others – only after the Board meeting. There are renegotiation options, what we choose depends on both the economic results and the observance of the principles of law. The fast-track variant would be for us to adjust to the offers made so far by these beneficiaries. None of them accepted the reduction of the contract period. In our opinion, the price rises and amount cutbacks are too small. We can get more for Hidroelectrica. We tell you that the unfolding of these contracts can be halted, but termination restricts our options,” said Remus Vulpescu.

Vulpescu also said that the Romanian authorities are not satisfied with a price negotiated for 2012 hovering near the competitive market levels

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