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Romania Will Not Overcome Crisis In 2011 – E.ON

Romania’s industry does not seem to be reviving and the country’s economy will not defeat the crisis in 2011, Tuesday said Frank Hajdinjak, the general manager of utility group E.ON Romania, the local subsidiary of Germany's E.ON AG.
Romania Will Not Overcome Crisis In 2011 – E.ON
Adelina Dragomir
26 oct. 2010, 12:16, English

„Romania needs to encourage the investments. The industry does not show clear signs of revival. Unfortunately, I do not see the economic crisis ceasing in 2011 in Romania,” Hajdinjak told the „Meet the CEO” conference organized by BUSINESS Magazin.

He estimated that both E.ON Romania and the local energy market will register only slight increases next year.

Due to the low natural gas prices in Romania, E.ON is not able to recover the investments made by its local subsidiary, Hajdinjak said.

Moreover, E.ON „has been struggling” for around four years to recover 140 million lei (EUR1=RON4.2727) in debts from state-owned railway company CFR.

E.ON Romania supplies and distributes electricity and natural gas on the local market.