JACK CUTIȘTEANU, PETPROD:
BURSA 08.08.2017

(EMILIA OLESCU, translated by Cosmin Ghidoveanu)
 
mărește imaginea
       The state speculates the economy and household consumers, through Hidroelectrica, CEO, Nucleareletrica and CEH, says Jack Cutișteanu, the CEO of Petprod, referring to the evolution of the price of electricity on the spot market of the OPCOM exchange. "The crisis of January - February 2017 isn't over yet", he told us.
       The price of electricity has constantly increased this summer, and last week even reached the same values as in January this year. The recent situation caused the representatives of the government, who asked for solutions to that problem, as well as the Governor of the NBR, to become worried. The latter said on Friday, that most of the increase in inflation will come from the increase in the price of electricity.
       In this context, Mr. Cutișteanu sent us his opinions on the issue, which we hereinafter reproduce in full.

 
     "THE NAME OF THE GAME: SPECULATION
     Buyers keep the prices high on the day ahead-market
     The issue of the increase of prices on the spot energy market has been debated and dissected by plenty of «specialists» in the field. From the NBR governor and the Energy minister, the president of the ANRE and of the AFEER, to others without public titles. I also did so briefly, in BURSA and on Facebook.
     The name of the game in the energy market is "Speculation".
     On a free market, such as the Energy market, on an exchange that follows all the rules, speculating an opportunity is not something worthy of condemnation, quite the contrary.
     But we are dealing with a scenario that is a little different. Let's analyze briefly who is being speculated and who is doing the speculating.
     It is consumers that are being speculated, both industrial and household and similar ones. It is consumers that will foot the bill.
     Who is doing the speculating: in the absence of the contribution of wind energy (wind doesn't blow when it's very hot), 90% of the energy production is that of state producers. The state, through its producers Hidroelectrica, CEO, Nucleareletrica, CEH, speculates the economy and household consumers.
     The causes of the current crisis have been those enumerated by those who have expressed their opinions, more or less willingly, and here they are:
     - The postponing of the call for tenders for the Last Resort Suppliers (FUI);
     - the heat wave and the increase in consumption by about 10-12%;
     - a drop in the debit of the Danube (we're not dealing with a tragedy like in 2011, 2012 - it is not a case of Force Majeure in hydroelectric energy!).
     And that's about it.
     I want to add another cause: the crisis of January - February 2017, which hasn't ended.
     The heat wave and very warm weather, the low hydraulicity were known since March 2017. The January-February 2017 crisis was overcome with difficulty and with losses. What have the suppliers, traders and distributors who have survived the January 2017 crisis learned? How have they prepared for a new crisis, but not of cold, but of heat? They didn't learn anything and they woke up with a new crisis, hoping that starting with March, prices would recover. Well they didn't and it was obvious pretty quickly that producers would not let go of the higher ground they've won.
     What did the authorities do in the new situation?
     - the ANRE said that it sees no anomalies in the operation of the market and that it can't intervene;
     - the Ministry of Energy has met several times with the ANRE, and said that it would do something, but it didn't know what exactly and waiting for the ANRE to tell it what that something would be. It has informed the Competition Council about the possible existence of some hints of a «cooperative» of producers;
     - the ANRE has opened its own investigation;
     - the Competition Council is making analyses.
     In all this time, «the cooperative» is speculating.
     Electrica CEO Cătălin Stancu, perhaps concerned with the losses posted and the gloomy outlook of the continuation of the heat wave with the auction of August 10 getting near, - energy for the Last Resort Suppliers (FUI) -, has advanced an interesting idea: the capping of the prices on the Day-Ahead Market (PZU). Sure, we can invoke the precedent of the capping of prices on the Balancing market, except the situation is not comparable. On the balancing market there are only limited sale offers of quantity - price and a guide - DEN - which decides who accepts who. It is not an exchange. The PZU is an exchange, there are sellers and buyers. There is a sale offers and requests to buy. The intersection of the sale and purchase curves determine the MCP - Market Closing Point. What prices do you want capped, Mr. CEO? What's stopping you, all the major buyers on the Day-Ahead Market, meaning the major suppliers and distributors, from capping the purchase prices? If you want, we can analyze together the aggregated curves, to find that in fact, it is the buyers that keep the prices high on the Day-Ahead market!"
     JACK CUTIȘTEANU, Petprod CEO 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
AFTER BEING INVESTIGATED BY THE TAX ADMINISTRATION AND THE ANPC, BANKS GET INVESTIGATED BY THE COMPETITION COUNCIL
THE COURT RULED THAT SOME CONTRACTS CONCLUDED BY CELL PHONE COMPANIES INCLUDE ABUSIVE CLAUSES
AFTER THE TRANSACTION BETWEEN BANCA TRANSILVANIA AND BANCPOST
PATRICIA SUÁREZ RAMÍREZ, THE PRESIDENT OF THE ASSOCIATION OF FINANCIAL CONSUMERS OF SPAIN:
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
18.12.2017
BURSELE DIN LUME
     Acțiunile tranzacționate la bursele din Europa au scăzut vineri, sectorul retail fiind cel mai afectat, după ce compania suedeză H&M a raportat vânzări sub așteptări pentru trimestrul al patrulea.  detalii
15.12.2017
BVB
     Lichiditatea înregistrată pe Bursa de Valori București (BVB) în ședința de tranzacționare de ieri a fost de 34,1 milioane lei sub media zilnică anuală de 48 milioane lei și în scădere față de...  detalii
15.12.2017
BURSELE DIN LUME
     Piețele din Europa s-au înscris pe un curs descendent ieri, în majoritate, după ce Banca Centrală Europeană (BCE) a decis să mențină nemodificată dobânda de politică monetară, promițând totodată că...  detalii
14.12.2017
BVB
     * Acțiunile Electrica au mai pierdut 1,82%, până la 10,78 lei/unitate
       Lichiditatea înregistrată pe Bursa de Valori București (BVB) în ședința de tranzacționare de la mijlocul săptămânii a fost de 64,3 milioane lei, peste media zilnică anuală de 47,9 milioane lei și...  detalii
14.12.2017
BURSELE DIN LUME
     Acțiunile de pe piețele din Europa au scăzut ieri, investitorii așteptând anunțul băncii centrale americane (Fed) privind politica sa monetară viitoare.  detalii
13.12.2017
BVB
     * "Întotdeauna, din piețele mici, se iese mai repede decât din cele mari, pentru că lichiditatea este mai scăzută", punctează analistul
     * "Deal" de aproape 17 milioane de lei cu titlurile DIGI
       Ședința de tranzacționare de ieri de la Bursa de Valori București (BVB) a fost marcată de o nouă scădere generalizată a pieței, toți indicii bursei suferind deprecieri ale cotațiilor.  detalii
Cotații Internaționale

Prognoza Meteo
Vezi harta temperaturilor
harta temperaturilor
     18.12.2017 
     Prognoză meteorologică (17, 18 decembrie)
     Prognoza pentru România
     Racirea vremii va continua în majoritatea zonelor și se va resimți în special în cursul nopții când minimele termice vor deveni negative în cea mai mare parte a țarii. Cerul va fi variabil în regiunile nord-vestice și mai mult noros în restul teritoriului, iar în sud și sud-vest precipitațiile vor fi pe arii relativ extinse. În Carpații Meridionali și în Munții Banatului va ninge, iar în Oltenia, sudul Banatului și local în Muntenia vor fi precipitații sub forma de ploaie, lapovița și ninsoare. În celelalte regiuni doar izolat va fulgui. Vântul va sufla slab și moderat, cu unele intesnificari în estul țarii. Temperaturile maxime se vor încadra între -1 și 6 grade, iar cele minime între -10 grade în depresiunile intramontane și 1...2 grade în Lunca Dunarii și sudul litoralului.
     Prognoza pentru București
     Vremea va fi închisa. Cerul va fi noros și temporar vor fi precipitații slabe, sub forma de ploaie, lapovița și ninsoare. Vântul va sufla slab pâna la moderat. Temperatura maxima va fi de 3...4 grade, iar cea minima se va situa în jurul a 0 grade.
      
Curs Valutar

Curs valabil din data de 15 decembrie 2017
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
AUD
BGN
CAD
CHF
CZK
DKK
EGP
EUR
GBP
HUF
JPY
MDL
NOK
PLN
RUB
SEK
TRL
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
3,0149
2,3697
3,0804
4,9729
0,1804
0,6226
0,2199
4,6346
5,2711
1,4767
3,5016
0,2275
0,4742
1,0989
0,0667
0,4662
1,0163
3,9285
0,2943
1,1755
0,5945
0,0613
0,3603
0,2053
2,7598
0,0389
0,1420
1,0696
0,6141
0,1208
158,8245
5,5552
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
click aici pentru cursurile pieței valutare - istoric
English Section
14.12.2017
EXCLUSIVE:
     * "We need real and rational policy from the international community and not political tricks"
     * (Interview with his Excellency, Mr. Fuad Kokaly, the Ambassador of Palestine in Bucharest)
       The UN stated it was "extremely concerned over the risks of a violent escalation of the situation" after the decision of Donald Trump to unilaterally recognize Jerusalem as the capital of Israel, in a reunion of the Security Council in which the United States have appeared more isolated than ever, according to AFP.  details
12.12.2017
AFTER BEING INVESTIGATED BY THE TAX ADMINISTRATION AND THE ANPC, BANKS GET INVESTIGATED BY THE COMPETITION COUNCIL
     * Chirițoiu: "We suspect an exchange of sensitive information on the banking market"
     * Dan Suciu, NBR: "The audits of the Competition Council can't be a reason for panic whatsoever"
     * Unannounced audit at Finmedia
     * The investigated institutions are at risk of being fined 10% of their turnover
     * Vasilescu: "The NBR has nothing to do with these investigations"
       The financial banking system seems to be the focus of most of the investigation entities. After being audited by the National Tax Administration Agency (ANAF) and by the National Consumer Protection Authority (ANPC), some of the banks which operate in Romania have also been investigated by the Competition Council (CC).  details
11.12.2017
THE COURT RULED THAT SOME CONTRACTS CONCLUDED BY CELL PHONE COMPANIES INCLUDE ABUSIVE CLAUSES
     * The Bucharest Court of Appeal Bucharest yesterday ruled that RCS&RDS has abusive clauses in its contracts
     * The ANPC has also won the initial lawsuit against Telekom România
     * Vodafone has lost the case in the court of last instance against the ANPC
       The Courts have decided that some contracts concluded by the telephony companies contain abusive clauses. The Court rulings were rendered last year, as well as in 2016, but the argumentations have been formulated relatively recently.  details
08.12.2017
     The hope of an accession as quick as possible by Romania to the Eurozone was dealt a heavy blow precisely on the National Day.  details
06.12.2017
AFTER THE DRAFT HAD BEEN PUBLISHED IN OCTOBER
     * Gheorghe Șimon: "The royalties law will be voted in the Parliament in February next year"
     * Ministry of the Economy: "We will establish royalties which are fair both for the state as well as for the business sector"
     * Daniel Cătălin Zamfir, PNL: "I found out that there are companies that have never, take note, never paid even one leu in royalties to the Romanian state, even though they have been exploiting resources for over 20 years"
     * Last year, the Court of Auditors announced that Romania lost 1.4 billion dollars, because the ANRM established the oil royalties in a flawed manner
       The entire legislative package concerning the regulation of the system for the regulation of the mineral, oil and hydromineral resources will be revised and will be voted in the Parliament in February next year, Economics minister, Gheorghe Șimon, announced yesterday, after the debates of the Economic, Industries and Services Commission of the Senate.  details
28.11.2017
AFTER THE TRANSACTION BETWEEN BANCA TRANSILVANIA AND BANCPOST
     * Customers with borrowers in CHF from Bancpost are waiting for a conversion program with a discount
       After moving to second spot last year in the domestic banking system, through the acquisition of Volksbank, Banca Transilvania (BT) ends up on equal footing with BCR, taking over Bancpost, from Greek group Eurobank.  details
27.11.2017
     * MAKE, BURSA: "I want the new CEO of the BSE to participate in the drafting of a new strategy for the development of capital market"
       On Thursday night, "BURSA" received the Award for the promoting of high standards of corporate governance on the capital market, as part of the 2017 Capital Market Awards Gala, organized by the Association of Brokers.  details
24.11.2017
     * Ciprian Păltineanu and Adrian Tănase, scheduled for meetings with the board
     * Both candidates seem to be closet o the group in the shareholder structure of the BSE
     * George Butunoiu is in charge of recruitment
     * The waiting list may include a few foreigners, including former BRD executive Jacek Panczyk
       According to some market sources, banker Ciprian Păltineanu and Adrian Tănase, Chief Investment Officer at NN Pensii România, will hold interviews in the beginning of next week with the Board of the BSE, after Ludwik Sobolewski's term expired in the summer.  details
23.11.2017
PATRICIA SUÁREZ RAMÍREZ, THE PRESIDENT OF THE ASSOCIATION OF FINANCIAL CONSUMERS OF SPAIN:
     * The head of the ASUFIN: "The ruling of the Supreme Court of Spain in which the Andriciuc case has been invoked will be part of the Spanish case law and the lower courts will be required to apply the principle that underlies this decision"
       The ruling issued by the Court of Justice of the European Union (CJUE) in the Andriciuc versus Banca Românească case represents a great advantage for Spanish debtors, said Patricia Suarez Ramírez, the president of the Association of Financial Consumers in Spain (ASUFIN), as part of a response recently sent to BURSA.  details
22.11.2017
     * Dragnea: "Those who are against me are hiding behind institutions"
       The president of the Chamber of Deputies, Liviu Dragnea, leader of the PSD, thinks that his enemies are hiding behind some institutions, "they crucify people", and the real stake is "the blocking of the Laws concerning the Justice system".  details
21.11.2017
     The Council of the European Union and the European Parliament have sent to the ECB, in the beginning of this year, a request concerning the sending of some proposals to revise the framework for managing crises.  details
20.11.2017
ANPC STRIKES AGAIN
     * BCR: "Ongoing contracts no longer contain the clauses that have been subjected to examination"
     * Sources: "ANPC has 6 lawsuits against BCR, which will lead to enormous losses for Erste Bank if BCR loses in court"
       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"
     * "Perhaps it is a simple coincidence the fact that on November 8th was approved the Emergency Ordinance of the Fiscal Code and it was also on that day that the Euro rose past 4.6 lei", said Mr. Vasilescu
       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
.