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September 21, 2020

Ministry of Economy continues process to set up Electra and Hidroenergetica

The Ministry of Economy, Commerce and the Business Environment will continue the process of setting up the two energy companies, Electra and Hidroenergetica, aiming at finding a resolution, in court, to the litigations still in progress with Fondul Proprietatea and the trade unions, HotNews reports. This is a surprising decision given that the project failed, being rejected, irrevocably, by the Bucharest Court of Appeal. Furthermore, for some time now, there has been talk of new ways to restructure the energy sector, talks which involved the representatives of the International Monetary Fund.

The Bucharest Court of Appeal rejected, on April 14, the appeal filed by Hidroelectrica against a ruling pronounced by the Bucharest Court, which makes the rejection of the company Hidroelectrica’s registration an irrevocable decision. Before the Court of Appeal ruling on Hidroelectrica’s appeal, in March 2011, the court rejected, by an irrevocable decision, the projected merger meant to lead to setting up Electra. The project of restructuring the energy sector by setting up the energy giants was blocked following the filing of about 20 contestations by the creditors, trade unions and, especially ‘Fondul Proprietatea’.

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