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March 31, 2023

Bilateral contracts signed by Hidroelectrica are not classified

Hidroelectrica has cancelled six out of 10 bilateral contracts in the last month, but even though they were cancelled the contracts have not been made public yet, hotnews.ro informs. Remus Vulpescu, special head of the Office for State Participations and Industry Privatization (OPSPI) and Hidroelectrica’s special trustee, stated that “these contracts are not classified,” however he did not clearly point out whether they will be made public or not. He added that on the basis of the reports that the trustee in bankruptcy will file in court, “it’s possible for the said contracts to have a public character.”Hidroelectrica has only one other contract left to renegotiate, the one with Alro. Euro Insol, Hidroelectrica’s trustee in bankruptcy, decided yesterday to uphold the contracts with Elsid and Electrocarbon until March 2013 when they are set to expire.Remus Borza, partner within Euro Insol, stated that he cannot make the terms reached with Elsid and Electrocarbon public in order not to influence the negotiations with Alro. “All I can tell you is that it’s a clearly superior price, close to the one paid by Electromagnetica,” Borza pointed out. The next round of negotiations with Alro is scheduled on August 9 and a decision will be taken on August 15.Remus Borza pointed out that in the case of the three companies – Elsid, Electrocarbon and Alro – negotiations took place in conditions other than those in which the negotiations with energy traders took place because the companies are manufacturers, not simple energy traders. Elsid is a Romanian company that manufactures electrodes for the metallurgy industry, graphite, silicon carbide and carbon-based products. Electrocarbon manufactures electrodes too. Alro Slatina is the largest aluminium-producer in Central and Eastern Europe.Meanwhile, electricity traders EFT Romania and EFT AG (Switzerland) have sued Euro Insol, Hidroelectrica’s trustee in bankruptcy, for cancelling their contracts for the direct procurement of electricity from the state-owned company. Contacted by Mediafax, Hidroelectrica’s special administrator Remus Vulpescu stated that he is yet to receive the hearing letter and is not surprised by the companies’ decision. We remind our readers that in mid-July Hidroelectrica signed a new contract with Electromagnetica too. According to the contract’s new terms, the price will stand at RON 198/MWh in 2012, compared to RON 140/MWh in 2011. At this moment the average price on OPCOM stands at RON 220/MWh. This year Electromagnetica will also have to pay the price difference for the electricity it received since January 1.

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