Romania May Reschedule CFR Debts To Pwr Suppliers For Repayment In 1 Yr- Sources

Romanian Ministries of Economy and Transports, plan, jointly with state and private power suppliers, to reschedule the 1 billion lei (EUR1=RON3.6139) debts of Romania’s state-owned railway company Caile Ferate Romane, or CFR, to energy suppliers, for payment in one year, sources said Friday.

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One third of CFR’s debts, namely RON309 million, should be paid to Romanian state-owned power grid Electrica SA.

Electrica’s representatives corroborated the talks on CFR’s debts rescheduling, but added they would not expect the problem to be solved in the near future.

CFR’s debts to power supplier CEZ Oltenia also total RON170 million while Enel’s units in Dobrogea and Banat must recover EUR90 million from CFR.
According to the current legislation, CFR cannot be disconnected from the power network and its contract cannot be annulled. Electrica representatives said the delay in debts payment represents "an abuse".

CFR’s delay in paying the debts could trigger a liquidity crisis of energy suppliers, thus affecting the energy supplying to clients.

Electrica representatives said CFR’s monthly debts reach RON20 million.

CEZ Romania disconnected this year several railway stations in Dolj, Gorj, Olt and Mehedinti counties from the power network.

CFR said last year it will sell certain lands worth RON300 million to pay half of its debts to energy suppliers at that time.

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