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Energy & Environment

Rise of cheap renewables disrupts EU energy plans for 2030

Thursday, November 23, 2017

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The rapid fall in costs of wind and solar power, combined with flexible demand technology, could replace “more than half” of coal and gas-powered electricity in Europe by 2030, according to new research published on Tuesday (21 November), eurativ.com informs. A report from consultants ...

Good results for the listed energy companies (Mihai Caruntu analysis)

Thursday, November 23, 2017

Some companies will record profits over estimates, while others are still dependent on strategic decisions to increase, Mihai Caruntu, head of BCR’s Capital Markets Division, told energynomics.ro. However, the estimated financial results for 2017 are sufficiently visible after the six / nine months and generally put the Bucharest Stock Exchange (BSE) in an attractive spot. A plus should go to OMV Petrom and ...

Enel to invest 565 million euro in infrastructure and networks în Romania

Thursday, November 23, 2017

Enel will invest 565 million euro in infrastructure and networks on the Romanian market, 2018 through 2020, company representatives communicated on Tuesday in a press conference. Of this amount, 329 million euro are meant for development investments. Moreover, Enel will invest a further 400 million euro for the digitalisation of networks and processes. The company has also made it its mission to lower the average span of unplanned ...

Enel and Traian Vuia International Airport in Timisoara launch the first EV charging station in a Romanian airport

Thursday, November 23, 2017

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Enel Energie and the Traian Vuia Airport in Timisoara inaugurated today the first electric vehicle charging station in an airport in Romania, in order to encourage electric mobility and a lower carbon footprint of the transport industr, the company informs in a statement sent to ACTMedia. “Enel Group launched this year a new business division called ...

S&P upgrades MOL‘s long-term credit rating to BBB- investment grade with stable outlook

Thursday, November 23, 2017

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S&P rating confirms MOL’s resilient integrated business model and strong financial profile. Following previous steps by Fitch and Moody’s, MOL has now become a full investment grade issuer. MOL Plc. has been upgraded to BBB- investment grade long-term credit and issuer rating with stable outlook by Standard and Poor’s ...

Minister Petcu: The Rompetrol memorandum will not be extended, debt payment is demanded

Thursday, November 23, 2017

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The Ministry of Energy will not extend the memorandum with KazMunaiGaz, the owner of Rompetrol, approved by Government decision in 2014, and the company will have to pay its debt to the state in order to prove its good faith, Toma Petcu said on Thursday, during the hearings in the parliamentary commission of inquiry on the activity of ANRE, energynomics.ro informs. “When I took over the mandate (January 2017 – e.n.), the MoU was to expire in the third month. I ...

Reuters: Romania closes one case against Russia's Lukoil, related trial still on

Thursday, November 23, 2017

Romanian prosecutors have decided to close a criminal case against Russia’s Petrotel Lukoil refinery in Romania over allegations of money laundering, although the trial of a larger related case continues, they said on Friday, Reuters correspondent informs. A spokeswoman for the prosecutors did not say why the case had been closed. In 2015, prosecutors attached to the court of appeals of the central Romanian city of ...

EU Parliament set for war over energy efficiency

Thursday, November 23, 2017

Lawmakers in the European Parliament have finalised the text of a crucial energy efficiency law ahead of an important vote on 28 November, euractiv.com informs. But political infighting both between and within the main political groups means the result is far from certain. MEPs last week tabled their final compromise amendments for an upcoming vote on the Energy Efficiency Directive. The result of the vote will form the basis of the Parliament’s ...

Romania's Electrica 9-mo profit plummets on higher power purchase prices

Thursday, November 16, 2017

Romanian power supplier and distributor Electrica [BSE:EL] said on Wednesday its consolidated net profit fell to 95 million lei ($24 million/21 million euro) in the first nine months of 2017 from 466 million lei in the year-ago period mainly due to higher prices at which it buys electricit, seenews.com informs. Electrica's January-September operating revenue edged down 0.5% on the year to 4.17 billion lei, the company said in an ...

OMV Petrom to sell 60 oilfields

Thursday, November 16, 2017

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OMV Petrom, the largest oil and gas producer in Southeastern Europe, continues to sell several assets in its portfolio this year, so it will transfer 50-60 less profitable oilfields and will sell three motels, Mariana Gheorghe, CEO OMV Petrom said in an interview ...

KazMunayGas refineries in Romania triple net profit

Thursday, November 16, 2017

Oil and gas company Rompetrol Rafinare, the Romanian subsidiary owned by the Kazakh group KazMunayGas that manages the Petromidia refinery, recorded a consolidated net profit of USD 56 million in the first nine months of this year, almost triple compared to the same period last year, romania-insider.com ...

Romgaz ups net profit by 66%

Thursday, November 16, 2017

Romanian state-owned gas producer Romgaz recorded a net profit of RON 1.18 billion (EUR 253.8 million) in the first nine months of this year, up 66% over the same period last year romania-insider.com ...

Transgaz posts 21 pct profit increase to RON 433.5 mln in first nine months

Thursday, November 16, 2017

Transgaz, the operator of Romania’s national transport system for natural gas has increased its net profit by 21 percent year-on-year in the first nine months of 2017, to RON 433.5 million, business-review.eu reads.  The financial resukts of the third semester however, show that profit decreased by 57 percent, to RON 33 million. The company has expressed plans to take over Vestmoldtransgaz, the Moldovan company that administers the ...

Nuclearelectrica 9-mo profit soars on higher output, sales

Thursday, November 16, 2017

Nuclearelectrica, the operator of Romania's sole nuclear power plant Cernavoda, said on Monday its net profit leapt to 225.3 million lei ($56.4 million/48.4 million euro) in the first nine months of 2017, driven by increased electricity output and sales, seenews.com reads. The net profit of Nuclearelectrica totalled 102.4 million lei in the prior-year period. The company's results in the first nine months of 2017 were influenced ...

PRIMARY ENERGY RESOURCES INCREASED BY 4.1%  DURING 1.I. – 30.IX.2017

Thursday, November 16, 2017

- During 1.I. – 30.IX.2017, primary energy  resources increased by 4.1%, while  those of electricity decreased by 2.5% as compared to the same period of previous year. The primary energy resources increased by 4.1 percent in the first nine months of the year, compared to the similar period of ...

OMV Petrom rejects the allegations of non-payment of State duties

Thursday, November 16, 2017

 OMV Petrom vehemently rejects the allegations of non-payment of State duties, bandied in Thursday's meeting of the parliamentary committee inquiring into the National Energy Regulatory Authority (ANRE) activity, according to a press release of the company sent Thursday evening. Leader of the National Trade Union Bloc (BNS) Dumitru Costin stated during Thursday's hearings that he presented the Committee a document showing that OMV ...

Six projects for the use of renewable energy received financing under Rondine program

Thursday, November 16, 2017

Six projects worth a combined 30 million lei (some 7.1 ml euro) for the use of renewable energy received financing under the RO06 Renewable Energy Program (Rondine) funded as part of the EEA 2009 - 2014 Grants, shows data presented on Thursday by president of the Environmental Fund Administration (AFM) Cornel Brezuica at the program wrap up conference. In the opinion of the AFM head Romania stays among the world's most attractive renewable energies market and ...

Transgaz head: This winter's gas imports 30 pct up from year ago because of small stock

Thursday, November 16, 2017

The gas stock for the upcoming winter is the smallest in the last four or five years, so that Romania will have to increase imports by 30 percent in order not to cut off consumers, general manager of national gas transmission company Transgaz Ion Sterian told hearings this Thursday before the parliamentary committee inquiring into the activity of the National Energy Regulatory Authority (ANRE). "The current stock for the 2017 — 2018 winter is the ...

Iancu asks for changes on law that allows energy prices hike

Thursday, November 16, 2017

The idea of an intervention on the price of energy is not new. It was for the first time debated in the market following a meeting with the press of Electric?, energynomics.ro reads. Although the suppliers expected a normalization of the market conditions after the period of widespread variation in the electricity purchase prices from last winter, prices have not fallen even to date, for which administrative measures would be ...

Romania accelerated negotiations with China for reactors no. 3 and 4 at Cernavoda Plant

Thursday, November 9, 2017

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Romania has accelerated negotiations with the Chinese party on the one hand for reactors no. 3 and 4 at Cernavoda Plant and on the other hand for the establishment of a new lignite-based group at Rovinari Thermo Power Plant, more rounds of discussions having taken place in the last three months than in the past years put together, Energy Minister Toma Petcu stated on Wednesday during a visit to Romania of a delegation of companies and institutions from China, headed by Nur ...

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