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Bucharest
October 20, 2020
BUSINESS

Hidroelectrica wins two lawsuits against power traders

Bucharest Court of Appeal rejected irrevocably on March 17, 2014 the appeals submitted by Energy Financing Team AG  (EFT AG) and Energy Financing Team Romania (EFT Romania) against the measure taken by the legal administrator to terminate the bilateral sale contracts for power signed with Hidroelectrica, according to a release of the public company. Euro Insol, the legal administrator of Hidroelectrica, terminated the contracts for power to the two traders in August 2012, after the public company went insolvent. According to Euro Insol, Hidroelectrica lost RON 502.88 M through the two contracts between 2006 and 2012. The contracts ran till 2015. “The fact that two different judges from the same court, the Court of Appeal, rejected the appeals made by the power traders, proves the severe error of the judges on February 25 who ruled the reopening of the insolvency procedure of Hidroelectrica,” said Remus Borza, owner of Euro Insol company, which is the legal administrator of the power producer.

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