Romanian Electricity Transporter Transelectrica “Is Still In Recession” - GM

"At Transelectrica we are still in recession. (...) In the first six months of the year were were in financial deadlock on the energy segment. Legislation kept us from blocking suppliers who fail to pay their debts, we also spoke with (energy regulator) ANRE," Baicusi told a press conference.

The company official added the positive evolutions in consumption and production in the first six months of the year failed to show in Transelectrica's results, and in the volume of energy transported.

Furthermore, an infringement action launched by the European Commission against Romania last year on the energy and gas segment forced the company to "change its behavior" regarding the allocation of energy import and export capacities at the borders.

"Transelectrica was forced to change its behavior, because of the infringement procedure, in the allocation of capacities at the borders, and the decrease in revenues on this segment was dramatic. Energy exchanges with our neighbors were poor. ," Baicusi said.

On the other hand, Romania's energy exports rose in the past two months, to 700-800 MW, thus the borders with Hungary and Serbia are "overcharged".

Transelectrica is 73.6% owned by the Economy Ministry, while Fondul Proprietatea holds 13.5%.

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