Gala BURSA "Deceniul European din Centenarul României"
AT THE INVESTIGATIVE COMMISSION OF THE ACTIVITY OF THE ANRE
BURSA 12.10.2017

ANCUȚA STANCIU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  Sources: PSD has four names for the head of the ANRE
     *  Rumored names: Florentin Pandele, mayor of Voluntari, Iulian Iancu, president of the Industries Commission, former prime-minister Sorin Grindeanu and deputy Eugen Nicolicea
       Niculae Havrileț, the president of the National Authority for Regulation in the Energy Sector (ANRE), together with other members of the Regulatory Committee of the ANRE, will arrive before the Commission for the Investigation of the activity of the ANRE.
     The management of the ANRE was expected to submit answers to the questions they had been sent by the members of the Investigation Commission by 15:00 hours yesterday.
     It would seem, however, that by 16:00 that day, the ANRE had not provided the requested answers.
     The questions the members of Parliament sent the ANRE include: what was the liberalization schedule for the price of electricity and natural gas that was agreed with the European Union; the evolution of the price of electricity on the day ahead market (PZU) over the last five years; the evolution of the price of electricity on the contract market over the last five years, the structure of the energy supply contracts of the Last Resort Providers (FUI) over the last five years; the implementation of art. 23 paragraph (1) and (2) of the Law of Electricity and natural gas no. 123/2012, with the subsequent amendments and modifications and of art. 8 letter h) and art.9 paragraph (1) letter h) of the Law no. 160/2012 for the electricity import/export transactions, conducted through directly negotiated bilateral contracts.
     The members of the investigation commission are also interested, among other things, on whether the ANRE has checked whether the license holders who delegated the responsibility of the balancing to another Party Responsible for Balancing (PRE) were conducting electricity trading with other license holders from the same PRE, outside the trading and competition-based rules applied in the centralized electricity market.
     The MPs also want the ANRE to specify, as some license holders have terminated the energy contracts concluded with other providers, causing them serious losses, how the financial guarantees of 1,000,000 Euros were used, guarantees which the asker of the supplier license had the obligation to set up and maintain for the validity period of the license, in order to reduce the losses caused by the termination of electricity purchase contracts.
     Also, the members of the Investigation Commission want the ANRE to present the manner in which the 500,000/1,000,000 Euros guarantees, guarantees which the company asking the supply license had/has the obligation to set up and maintain during the validity period of the license, as a significant number of suppliers did not pay their debts to CNTEE Transelectrica SA, according to the contracts.
     * The mandate of Havrileț will expire on October 23rd
     The hearing will take place as the term of Niculae Havrileț expires on October 23rd. Political sources told us that the PSD has four options for the position of president of the ANRE, but that so far, no nomination has been made. We will probably only find out one name in the beginning of next week, the sources say.
     Some of the names making the rounds for the position are Florentin Pandele, the mayor of Voluntari, Iulian Iancu, the president of the Industries Commission, former PM Sorin Grindeanu and deputy Eugen Nicolicea.
     Last week, Iulian Iancu, the president of the Investigation Commission for the activity of the ANRE, said the activity of the ANRE would be investigated all the way back to 2005, where the price of energy and of natural gas is concerned.
     Iulian Iancu says: "Our analysis is not focused on the current-day ANRE. We have been conducting the analysis of the manner in which the price of electricity and natural gas was structured between 2005 and the present day. It is not necessarily just the ANRE that is a factor of influence. We are also asking questions about the excises, taxes and fees that swell up the bill of the final consumer. If we find irregularities, three measures will be taken: the change of the primary legislation, where necessary, the request to modify the secondary legislation by the regulatory authority and the forwarding to the Prosecutors' Office of the cases which prove to be felonies".
     He also said that if it is found that the price has been unjustifiably increased, then the price paid by end consumers will be reduced by the end consumers.
     Iulian Iancu says that the goal of the Commission consists of finding the reasons why the prices of energy and natural gas were raised, and the result will be found out at the end of the analysis: "We will take into consideration all the elements that contribute to the formation of the price for the end consumer across the entire energy chain, responding to the following questions: how the producer prices were set on the energy markets; how the transport tariff was set, both for energy and natural gas, why it was increased by certain percentages and what the justification for it was; how the tariff is explained and its evolution at the energy and natural gas distributor; how they were designed and to what extent the investment, maintenance costs have been acknowledged and whether their knowledge was correct and how they are found in the quality of the service. I am here referring to continuity, because there are many supply disruptions and quality issues to the end consumer".
     Last week, Niculae Havrileț, the president of the ANRE, said that the National Energy Regulatory Authority (ANRE) is subjected to heavy pressures from those who have interests in this market, by offering as an example the campaigns managed by many TV networks against the process for the liberalization of the natural gas market. The management of the ANRE has been attacked over the last few weeks by PM Mihai Tudose or Energy minister Toma Petcu, who said that the activity of the Commission is necessary. Even the president of the PSD, Liviu Dragnea, has repeatedly attacked the management of the ANRE, accusing the fact that the successive increases of electricity and natural gas prices were not justified, and the guilty will be identified by the parliamentary commission for the investigation of the ANRE.
     Niculae Havrileț said that he wasn't worried at all over the parliamentary investigation of the ANRE activity, because all the decisions within the Authority were made collectively, in compliance with the legislation. 
 

 
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English Section
21.11.2017
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20.11.2017
ANPC STRIKES AGAIN
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       After forcing Raiffeisen Bank to eliminate the unfair practices from the loan agreements, the National Consumer Protection Authority (ANPC) strikes again, this time the biggest bank in the system. BCR lost in the court of first instance, against the ANPC, in a class action lawsuit concerning abusive lending clauses.  details
16.11.2017
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
     The 3-month ROBOR rate, which is used to calculate the interest rates, the majority of the loans denominated in lei, has jumped past the 2% psychological level, and yesterday reached 2.06%, up from Tuesday's 1.92%, according to data from the NBR.  details
16.11.2017
THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
     * Minister Toma Petcu, former ministers Răzvan Nicolescu and Victor Grigorescu, the representatives of the state in the executive structure of OMV Petrom and Mihai Busuioc, the president of the Court of Auditors were heard today in the Investigation Commission
       The executives of OMV Petrom mentioned, in a letter addressed to the parliament, the existence of four lawsuits brought by the National Energy Regulation Authority (ANRE) and of seven audits by the Authority, between 2012-2017, as the recent request for information by the Commission for the Investigation of the activity of the ANRE targeted a period of 12 years, from 2015 to 2017.  details
14.11.2017
THE EURO AT AN ALL-TIME HIGH
     * Vasilescu: "We cannot say that the currency market has gone off the rails, the exchange rate has moved 4 bani in 4 days"
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       The leu yesterday reached a historic low against the Euro, 4.6495 lei/Euro, up 1.05 over the previous meeting, marking the fourth day where the exchange rate was above 4.6 lei.  details
13.11.2017
     In October, the Romanian Commercial Bank, through Schoenherr și Asociații, has submitted, with the County Court of Bihor, a request for the insolvency of the European Drinks group, owned by the Micula brothers. That group includes: European Drinks, Transilvania General Import-Export, European Food, Starmill SRL, Scandic Distilleries SA, Rieni Drinks.  details
10.11.2017
DUMITRU COSTIN (BNS):
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     * Sevil Shhaideh and Radu-Spiridon Cojocaru, the representatives of the state on the Supervisory Board of OMV Petrom, also called in for hearings
     * Costin: "We have notified the Audit Body of the Prime-Minister"
       The management of OMV Petrom, namely Mrs. Mariana Gheorghe, as well as the representatives of the Romanian state on the Supervisory Board of OMV Petrom, Sevil Shhaideh and Radu-Spiridon Cojocaru will be invited to appear in the hearings on the Investigation Commission for the activity of the ANRE, the members of the Commission decided on Thursday.  details
09.11.2017
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     * Brokers: The depreciation of EL, amid the drop in the market, as well as due to deal with the FP
     * Adrian Simionescu: "Investors feel the price at which EL has acquired from the Proprietatea Fund its stakes is very high and unjustified"
     * The FP-Electrica deal, among the topics of the PNL vote of no-confidence against Energy minister Toma Petcu
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     Finally, after many statements concerning the fundamental changes in the fiscal policy, announced from one day to the next and then denied, we have the argumentation note and the draft of the emergency ordinance to amend the Tax Code published, which the Ministry of Public Finance will apply starting with the beginning of next year.  details
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PSD SENATOR EUGEN TEODOROVICI:
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       Romania has embarrassed itself with the proposals that had been initially prepared for the Juncker plan, said Eugen Teodorovici. Mr. Teodorovici is the president of the Budget and Finance Commission of the Romanian Senate, member of the European Affairs Commission and former minister of European Funds.  details
01.11.2017
ADVERTISING
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30.10.2017
     Ludwik Sobolewski handed in his resignation.
     Wow!
     Friday, the Bucharest Stock Exchange (BVB) posted on its website the text of a "Current report":
     "The Bucharest Stock Exchange is announcing that on October 27th, 2017, Mr. Ludwik Sobolewski has notified the company about his resignation from the position of CEO of the company".  details
27.10.2017
RUMORS: THE NEW CEO OF THE BSE, SOUGHT IN THE BANKING INDUSTRY
     * Two months have passed since Sobolewski's term expired
       Even though the management of the Bucharest Stock Exchange has not been officially announced, the result of the interviews for the position of CEO held on September 25th, it seems that already a new search has been launched, which focuses on the banking sector.  details
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