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October 21, 2020
BUSINESS

Hidroelectrica terminates contracts with EFTC

Hidroelectrica terminated te two bilateral contracts they had with one of the energy traders, Energy Financing Team (EFT), according to those declared for Hotnews by Remus Borza, partner in Euro Insol company, the legal administrator of Hidroelectrica. According to him, the energy deliveries to EFT will cease as of August 1. On the other side, a new agreement shall be concluded with Electromagnetica. Based on the new contract terms, the price will be RON 198/MWh, in 2012, as against RON 140/MWH in 2011. At this moment, the average price in the energy stock exchange market is RON 220/MWh.In its turn, EFT group did not receive any official notification from Hidroelectrica representatives, in relation to a termination of the contracts in progress, from the two parts. « Negotiations are in progress between EFT group and Hidroelectrica », according to Vojkan Tomasevic, managing director of EFT. Reference is made to the fact that EFT Romania supplies 70 per cent of energy for the Romanian cement industry, namely all Holcim and Lafarge factories, on the territory of the country, the energy taken from Hidroelectrica being part of EFT Romania source basket », Vojkan Tomasevic adds.As of 2013, a price formula shall apply for Electromagnetica to represent the average of prices in the Market of Next day within the energy trading market and the prices from Centralized Market of Bilateral Contracts within the energy trading market. For 2012, Electromagnetica will have to pay also the remaining balance in prices for the energy delivered since January 1 and until the time being, Borza added. Regarding quantity, it will be reduced to 640,000 MWh, considering that 891,000 MWH were purchased last year. The contract expires in April 2014.

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