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Follow The Money: CE Oltenia's false reporting saves the company 250 million euros

Bogdan Chiriţoiu said: "The energy market must be able to function normally, without capping. Energy prices are now stabilized compared to those existing a year and a half ago, and under these conditions, the Government should withdraw the exceptional measures from the market. However, I believe that we must look carefully at vulnerable consumers, to determine exactly who they are, but also at the industry, its needs, at energy-hungry companies, whose activity may be negatively impacted by the lifting of the cap, companies that could lose their competitiveness due to the abandonment of this exceptional measure".

Chiriţoiu: "The takeover of E.On Romania assets by the hungarian company MVM will end up on the table of the CSAT"

The transaction through which the Hungarian company MVM wants to take over the assets of E.On in our country will end up on the table of the Supreme Council for National Defense, said Bogdan Chiriţoiu, president of the Competition Council,...

Financial February: Ciolacu throws the Roşia Montană "firecracker" into the public space

Traditionally, the second month of the year should be marked by the beginning of the first parliamentary session and less by the visibility of the work carried out by the government, but the electoral year 2024 seems out of the ordinary, in view...

Mining in Romania is listening to its European death toll

• The European Commission has decided that coal needs to be replaced with renewable sources of energy by 2050

ENERGY MINISTRY WANTS TO UPDATE THE ENERGY STRATEGY, BY MID-OCTOBERCutişteanu: "The amendment of the Energy strategy in one month - a bad joke"

The amendment of the Energy Strategy in one month is a bad joke, says Jack Cutişteanu, CEO of Petprod, reacting to the announcement made by the representatives of the Ministry of Energy, according to which the Romanian authorities intend to...

THE "ENERGY PLUGGED IN" CONFERENCE, 2ND EDITION / LAURENŢIU CIUREL, COMPLEXUL ENERGETIC OLTENIA:"We may not have even a single thermoelectric plant next year"

Romania has coal reserves for another 30-40 years, but we have a low quality lignite, which isn't profitable to process, says Laurenţiu Ciurel, executive CEO of the Oltenia Energy Complex, who warned that the company is having serious trouble...

INVESTMENT OF ONE BILLION EUROSThe study for the Chinese thermoelectric plant of Rovinari, ready in autumn

The feasibility study for the thermoelectric plant which is scheduled to be built by China Huadian Engineering at Rovinari will be ready in September, said Laurenţiu Ciurel, the general manager of the Oltenia Energy Complex. The coal group with...

The Oltenia complex, twisting in the wind

The output of wind farms is mostly taken over by the national energy system. This means that if consumption is low, and the wind farms generate energy, the National Energy Dispatcher (DEN) halts coal-based electricity production to balance the...

The Arad thermoelectric plant to borrow 8 million Euros for retooling

The Arad Thermoelectric plant (CET) will take out an 8 million Euros loan in order to begin the investments into retooling the plant, which will lead to lower prices for the thermal energy supplied to the population.

200 jobs would be removed from the organizational structure of the Turceni energy complex.

The strategy of the Government and of the IMF: The new energy companies, to be privatized by June 2012

The creation of the new Oltenia and Hunedoara energy companies will be completed by the end of June 2012. The process will also involve layoffs at some of the entities that will become part of the two new companies, as revealed by the latest...

"Vimetco", "Enel" and "Alro Slatina" competing for the construction an energy generation unit in Rovinari

"Vimetco", "Enel" and "Alro Slatina" are three of the five companies which acquired tender books for the construction of a 500 MW energy generation unit in the Rovinari Energy Complex, Tiberiu Trotea, the general manager...

The measurement unit for the debts to the state budget was set when printing the list of debtors to the state budget required a stack of sheets of papers as tall as prime-minister Emil Boc.Right now, if we were to print all the outstanding debts to the state budget (including those to social security, unemployment and healthcare), that companies had on June 30, 2011, we would need more than 46 packs of A4 paper (23,231 sheets). The stack of paper sheets that we would need merely to print the names of companies that generate arrears to the state budget, would be taller than any finance minister, (2.32 meters). Such a stack would be taller than Prime Minister Emil Boc by 0.7 meters.

Emil Boc versus the list of arrears makers

As the Romanian state is going increasingly into debt, state owned and private companies are accruing major debts to the state budget. In the first six months of the year, the arrears of the major debtors to the state budget have increased by...

"Hidroelectrica" and "Nuclearelectrica" to increase their share capital by 10%

The Ministry of the Economy will increase the share capital of "Hidroelectrica" and "Nuclearelectrica" by 10%, in a public offering, the Ministry announced yesterday. The institution did not mention the date of the offerings for...

THE GOVERNMENT TO THE IMFWe are still vulnerable to the evolution of the international financial markets

The executive is betting on an economic growth of 1.5% this year, amid the continuation of the upward trend of exports, the gradual increase of domestic demand and the increased absorption rate of European funds. In the Letter of Intent published...

The deadline for the creation of the Electra company, to be announced within a week

THE MINISTRY OF THE ECONOMY HAS SIGNED THE PROTOCOL WITH THE NATIONAL MINING AND ENERGY CONFEDERATIONThe deadline for the creation of the Electra company, to be announced within a week

The Minister of the Economy, Ion Ariton, together with the chairman of the National Mining And Energy Confederation (FNME) Marin Condescu, the head of the Craiova Energy Complex, Constantin Bălăşoiu, and the head of the Oltenia National Lignite...

Former journalist sues to block the creation of the Romanian energy giants

A former journalist is going to court in an attempt to block the creation of the two Romanian national energy companies, "Electra" and "Hidroenergetica", claiming he is nothing more than a simple citizen who is against the...

THE PROPRIETATEA FUND, AS A MINORITY SHAREHOLDER, IS OPPOSING THE GOVERNMENT, WHICH IS THE MAJORITY SHAREHOLDER.

The Proprietatea Fund Wants A Bigger Stake In The Energy Sector

The management of the Proprietatea Fund, as well as several of the private shareholders of the company, are trying to block in court the creation of the two national energy companies "Electra" and "Hidroenergetica". They consider...

"KPMG Romania" appointed as the financial auditor of "Hidroelectrica"

"Hidroelectrica" has appointed "KPMG Romania" to audit its financial results for the year 2009, and for the first half of 2010. The value of the contract is about 1 million lei, according to an announcement posted on SEAP. This...

PRIORITIES FOR ROMANIAThe EBRD will continue to provide funding to energy, infrastructure and banking sectors

• The bank is also reviewing direct capital investments in Romanian companies, as well as agribusiness projects

CE Turceni, CE Rovinari To Cut Over 200 Jobs

Approximately 200 employees of the Energy Production Facility Turceni (CE Turceni) and Energy Production Facility Rovinari (CE Rovinari) will lay off approximately 200 employees by the end of the year, new agency Agerpres announced. According CE...

2,000 Miners To Be Laid Off By 2010

Approximately 2,000 employees of the mining industry and energy companies that have mining divisions (the energy facilities in Oltenia) could be laid off in 2009-2010.

French and Spanish investors interested in taking over the Arad thermal power plant

Paula Bulzan,Arad

Cheap gas for the steel and metalworking industry

Alina Toma Vereha

The production of wind turbine shafts has become quite common for Fortus Iaşi.

Fortus Iaşi enters the wind turbine components market full steam

Doru Mocanu, IaŞi

Gorj County Requests Funds For Environmental Rehabilitation Of Mines

Mining has taken a heavy toll on the Gorj County environment for many decades, making it into one of the most severely affected parts of the country. Between 1952 and 2006, mining operations spread on 19,140 hectares, plus 3,000 hectares that...

"Transgaz" and "Romgaz" will take anticrisis measures, but will not resort to layoffs

The central authorities recently announced that they plan to layoff around 2600 employees in companies where the state is the majority shareholder. However, these measures will not apply to Transgaz and Romgaz. The managers of the two companies...

Petrom Pays State 547.7 Mio RON Royalties For 9 Months

Nine months through the year, Petrom, a subsidiary of the Austrian-based oil group OMV, paid the Romanian State royalties in the amount of 547.7 million RON for the oil fields conceded from the National Mineral Resources Agency (ANRM), ANRM...

Romania To Double Energy Output

Romania will double the energy production capacity by the year 2020, according to Minister of Economy and Finance Varujan Vosganian. By that time, the overall investments in new production capacities will have exceeded 10 billion EUR....

The X-Ray Of A Disaster: Mining Industry Has Buried Almost 8 Bln USD

Experiments conducted on Romania's mining industry for the past 14 years have pushed this sector to the brink of disaster, despite huge funds having been allocated to keep it alive. Not only did measures taken over this period not solve the...