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Two state energy champions cleared for take-off

Romania’s Ministry of Economy and Commerce has approved the setting up of the two national energy companies, Electra and Hidroenergetica, comprising much of the state’s existing assets in the energy sector

December 2010 - From the Print Edition

Last months an Extraordinary General Meeting approved the establishment of the companies and the next steps will be to privatise the management of the companies and list them on the local stock exchange.
In this process, the Government will break apart state thermo power company Termoelectrica, retain nuclear power company Nuclearelectrica inside Electra and split hydro power company Hidroelectrica.
“Termoelectrica is in a large and complex process which should turn it into a profitable company,” Ion Ariton told The Diplomat two months ago. “All the viable assets will be withdrawn from the company as independent entities by March 2011. A bankruptcy procedure will be initiated for the rest of the assets. At the end of the process we will be able to know which power stations will completely close.”
Electra will include thermo power plants Turceni and Rovinari, Nuclearelectrica, the National Company of Lignite Oltenia and branches of Hidroelectrica from Ramnicu Valcea, Sibiu, Targu Jiu and Hidroserv Ramnicu Valcea.
Hidroenergetica will contain thermo power plants Electrocentrale Deva and Bucuresti, branches of Termoelectrica Paroseni and Termoserv Paroseni, the majority of the remaining branches of Hidroelectrica and Hidroserv, the Romanian portion of the Irongate (Portile de Fier) hydro power complex on the Danube (which is co-owned with Serbia) and the National Coal Company.
Meanwhile the fate of thermopower plant CET Craiova has been delayed due to a court case in Dolj county brought by shareholder Fondul Proprietatea.■



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