22.1 C
Bucharest
May 19, 2022
BUSINESS

E.ON invests RON 350 M to upgrade its gas and power grids in Romania this year

The companies controlled by German group E.ON in Romania provided in their budgets for this year investments worth approximately RON 350 M, compared to RON 330 M in 2011, mostly for the modernisation and expansion of their gas and electricity networks, reads a press release. E.ON Gaz Distributie invested some RON 180 M in 2011, of which RON 112 M to upgrade its gas distribution networks. Out of the distribution system, the company restored and modernised 633 km of pipes. The budget for 2012 exceeds RON 190 M. In its turn, E.ON Moldova Distributie last year invested about RON 151 M, mostly to develop and modernise its power grid. For this year, it plans to invest RON 156 M in the electricity infrastructure. Since it entered the Romanian market in 2005, it invested over RON 1.9 bln in total. The consolidated turnover of E.ON group in Romania amounted to RON 4.33 bln (approximately EUR 1 bln) in 2011, close to the figure registered in 2010. The amount of electricity sold by the company last year exceeded 30 TWh, slightly up against 2010. The source also mentions the German group’s plan to open a Business Service Center in Cluj-Napoca.

Related posts

Foreign investors might reconsider their position on local market

European Commission opens macroeconomic imbalance procedure for Romania

Nine O' Clock

NEWS IN BRIEF

Test