EXCLUSIVE: Romania May Rethink Entire Energy Strategy

„If the national champion strategy is not successful by end-2011, we will look for an alternative solution, including selling the majority stakes in some of the energy companies,” the government said in the draft letter, which was obtained by MEDIAFAX.

Meanwhile, the authorities will move ahead to prepare the sales of minority or strategic stakes in individual companies slated to the part of the two energy champions, the document noted.

Early 2010, the Romanian authorities approved an overhaul of the country’s energy sector by setting up the two national power holdings to include almost all state-owned assets in the field.

However, the strategy failed to materialized so far, mostly due to a series of litigations launched by several companies involved in the process.

The first energy champion, Electra, was to include some of Romania’s largest thermal power plants, the two operational reactors at the country’s sole nuclear power plant in Cernavoda, the brown coal company SNLO, and a few hydropower plants.

The second national power holding, Hidroenergetica, would have comprised most of the hydropower plants, the pitcoal company CNH, and a series of other thermal power plants.