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May 29, 2022

“Smart Guys” demand RON 870 M from Hidroelectrica

The amount value with which the ‘smart guys’ registered themselves in the preliminary chart of creditors of the now-insolvent Hidroelectrica comes to 870.5 M RON, claims rejected by the company’s judicial administrator, Mediafax reports. Alpiq Romindustries is the only energy trader that demanded Hidroelectrica pay damage compensations worth 527.7 M de RON, Remus Borza, an official at Euro Insol, the judicial administrator of the hydropower producer, said, adding that the remaining companies only demanded damages be paid for lost benefits during the interval when  Hidroelectrica activated the force majeure clause due to prolonged drought.  The Hidroelectrica administrator only accepted receivable requests worth  3.5 bln RON and turned down 1.17 bln RON worth of requests, with banks representing 69 pc of creditors, Borza stated, who added that  Hidroelectrica cut second quarter investments to 870 M RON, from the original 311 M RON. On June 20, 2012, Hidroelectrica’s accounting records registered debts owed to creditors equal to RON 3.6 bln (821 M euro). Borza also said that the preliminary chart rejected debts may be admitted if courts were to accept such complaints. Bilateral electricity sales contracts struck by Hidroelectrica led to company losses worth 1.2 bln euro during 2006-2012, due to the low buying prices, according to data published by the administrator.

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