Euro Insol cancels Hidroelectrica’s contract with Andritz Hydro Austria

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Euro Insol, Hidroelectrica’s trustee in bankruptcy, cancelled last week the addenda to a EUR 71.5 M contract signed by the state-owned company with Austria’s Andritz Hydro, a contract related to the technological upgrading of the Gogosu hydropower plant on the Danube River. The trustee in bankruptcy wants the works to be done at competitive prices obtained through an international open public tender, after the contract’s updated value, along with the extra works forecast in order to guarantee the working parameters, grew from EUR 54.5 M to EUR 71.5 M, on the basis of a mathematical gimmick that disregards price developments at global level for this kind of services, prices that dropped in the last 10 years, a communiqué issued by Hidroelectrica shows. According to Euro Insol, Andritz Hydro constantly obtained since 1997 contracts with a total value of more than EUR 900 M, contracts directly assigned by Hidroelectrica for the technological upgrading of several hydropower plants.Andritz Hydro is part of Austria’s Andritz Group, a supplier of technology for power plants. “For 15 years all of Hidroelectrica’s large-scale upgrading works were assigned directly to the same Voith-Andritz consortium. I doubt they are the only ones in this world that are skilled when it comes to technological upgrading. Let’s allow others to leave their mark too,” Euro Insol representative Remus Borza stated in the communiqué. Borza added that from now on all of Hidroelectrica’s technological upgrading works will be assigned through international tenders, through transparent and competitive procedures. At the same time, in January Euro Insol resumed “from scratch” a EUR 136 M tender on the technological upgrading of the Dimitrie Leonida hydropower plant located in Neamt County, Borza informed.