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Energy & Environment

"Steaua Romana" refinery, one of oldest in country, enters bankruptcy

Thursday, February 25, 2021

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The "Steaua Romana" Refinery, from southern Campina municipality, one of the oldest in the country, founded 126 years ago, enters bankruptcy at almost 8 years since filing for insolvency, the Court's decision not being definitive yet.According to the Court portal, the Bucharest Tribunal ruled on February 8, the bankruptcy and dissolution of the debtor company SC Rafinaria Steaua Romana SA, a decision that may be appealed in 7 days since the ...

SN Nuclearelectrica SA: Publication of the preliminary financial statements related to the financial year ended on 31.12.2020

Thursday, February 25, 2021

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SN Nuclearelectrica SA ("SNN") announces that it has published, in compliance with the financial calendar for 2021, the preliminary and unaudited individual financial statements for the financial year ended December 31, 2020. SNN registered a net profit of 684,709 thousand lei, an increase of 27.8% compared to 2019, an increase of 3.4% of ...

The European Commission confirms that they received complaints in connectio to the deregulation of the electricity market in Romania

Thursday, February 18, 2021

The European Commission confirms that they received complaints in connection to the process of deregulation of the market in Romania and at the same time, sent to the Romanian authorities a letter on 26th January regarding the lifting of export restrictions imposed to Hidroelectrica, stated on Wednesday for AGERPRES a spokesperson of the European Commission.‘The Commission confirms that they received complaints in connection to this topic, which they ...

Romania imported 962 million cu.m of gas from Gasprom in 2020

Thursday, February 18, 2021

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Gasprom group exported to Romania 962 million cu.m of natural gas last year, on the drop by 3.2% against 994 million cu.m in 2019, according to data released by Gasprom on Monday.   According to those data, Romania is Gasprom's one of the smallest clients, while Hungary imported from Gasprom 8.637 cu.m of natural gas, Moldova 3.04 billion cu.m, Bulgaria 2.28 cu.m and ...

OMV Petrom signs partnership with Naftogas to search for gas in Ukraine

Thursday, February 18, 2021

OMV Petrom and Naftogas signed a memorandum to identify joint products for the exploitation and production of natural gas in Ukraine, according to the Naftogas press release posted on the Ukrainian website.    “Last year, Naftogas worked to identify new opportunities to explore and develop new gas areas in Ukraine. Once winning the license in the Yuzivska ...

OMV Petrom remains cautious in planning investments this year

Thursday, February 18, 2021

OMV Petrom (SNP), the Romanian company with the biggest investment budget, earmarked capital expenditures of only RON 2.9 billion (under EUR 600 million) for this year, half the budget planned for 2020, but only marginally below the actual investments realized last year.   This is bad news for OMV Petrom's ...

Transelectrica's 2020 net profit up 18pct y-o-y

Thursday, February 18, 2021

 Romania's national electricity transmission company Transelectrica reported a 2020 net profit of 114 million lei, up 18% from 2019, according to a press statement released on Monday.In 2020, the company's gross profit increased by 60 million lei, from 107 million lei in January-December 2019, to 167 million lei in January-December 2020, mainly on cutting all operational costs, including depreciation, as well as on efficient management of the resources ...

Datacor aims to improve the sustainability and energy consumption for local data centers

Thursday, February 18, 2021

Datacor, the Romanian integrator of intelligent communications and infrastructure solutions, aims to offer more sustainable and energy efficient solutions for data centers in 2021 and to encourage companies to align with new technologies for cooling ...

Non-reimbursable financing of 10,5 million euros for energy efficiency with Servelect

Thursday, February 18, 2021

The energy engineering and services company Servelect, from Cluj-Napoca, has helped attract non-reimbursable financing of over 10 million euros for its clients. “We have attracted some 10,5 million euro non-reimbursable financing for our customers, mainly through the Large Infrastructure Operational Program (POIM) and EEA and Norwegian grants”, said Iulia Bargauan, Business Development ...

Public consultation on future EU rules for reducing methane emissions

Thursday, February 18, 2021

The Commission has launched a public consultation on aspects of methane emissions in the energy sector. The objective of this 12-week consultation is to feed into the Commission preparation of proposals for new EU ...

The Council of Competition has authorised the taking over of Crucea Wind  Farm and Steag Energie Romania by Hidroelectrica

Thursday, February 11, 2021

The Competition Council has authorised the trading in which Societatea de Producere  a Energiei Electrice in Hidrocentrale Hidroelectrica SA has taken over the companies Crucea Wind Farm SA and Steag Energie Romania SRL,according to a press release of the competition authority.Hidroelectrica SA is one of the main producers and suppliers of energy in Romania, as well as supplier of system technologial services.The main activity of Crucea Wind Farm SA is the ...

Opinion: What trends will mark the energy sector in 2021?

Thursday, February 11, 2021

Energy efficiency is important for companies in many fields of activity: industrial production, distribution and logistics, construction, and real estate, etc. The performance of energy efficiency depends on the quality of the equipment used, but also on the ability to maintain them in good working order, and here digital technologies and sensors are helpful, shows Lucian Anghel, founder and CEO of EneryPal-TimePal Romania, in an opinion.    Another important ...

Minister Virgil Popescu: the offshore law will be amended in 2021

Thursday, February 11, 2021

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The amendment of the Offshore law will  be made during this year, but the exploitation of gas in the Black Sea cannot start before 2024-225, according to the minister of energy, Virgil  Popescu.‘The exploitation of gas in the Black Sea cannot start before 2024-2025 if the decision for investments is made this year. What the operators in the Black Sea want is the amendment of the Offshore law so that it boosts investments andwe will do it, during this ...

OMV Petrom CEO: Black Sea gas is waiting to be exploited, 2021 is a critical year

Thursday, February 11, 2021

This year is critical for the offshore gas projects in the Black Sea as the gas there is waiting to be exploited and the investment decision depends only on the measures to be decided by the Romanian authorities, OMV Petrom CEO Christina Verchere said in an interview ...

OMV Petrom proposes same dividend as last year despite 64% profit drop

Thursday, February 11, 2021

Romanian oil and gas group OMV Petrom (SNP), the most valuable company listed on the Bucharest Stock Exchange, recorded a 64% drop in net profit in 2020 compared to 2019, to RON 1.29 bln (EUR 266 mln).   However, the company’s Directorate proposes that the gross dividend for 2020 stays at the same level as the one paid from the 2019 profit, namely RON 0.031 per share. Thus, the shareholders could get total dividends worth RON 1.75 bln (EUR 360 ...

Romgaz hydrocarbon production falls 14.2% in 2020

Thursday, February 11, 2021

Romanian natural gas producer Romgaz [BSE:SNG] said that its total hydrocarbon production fell by 14.2% year-on-year in 2020 - to 29.24 million barrels of oil equivalent (boe), according to preliminary figures.   Gross gas production decreased by 14.3% on the year to 29.06 million boe, Romgaz said in a statement on its 2020 preliminary operating results filed with the Bucharest Stock Exchange (BVB) ...

OMV Petrom 2020 net profit plummets 64%

Thursday, February 11, 2021

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Romania's top oil and gas group OMV Petrom [BSE:SNP] said on Thursday its net profit plummeted 64% year-on-year to 1.291 billion lei ($318.5 million/265 million euro) in 2020.   The weak performance was mainly caused by the unfavorable market environment, as lower prices and the COVID-19 crisis had a negative impact on the group’s performance, blue-chip OMV Petrom said in an unaudited consolidated financial statement filed ...

State aid: Commission opens in-depth investigation: CE Oltenia

Thursday, February 11, 2021

The European Commission has opened an in-depth investigation to assess whether Romanian support measures in favour of Complexul Energetic Oltenia SA (‘CE Oltenia') would be in line with EU rules on State aid to companies in difficulty. CE Oltenia, a Romanian majority state-owned lignite-based electricity producer, has been experiencing financial difficulties.   Following a temporary rescue aid granted by Romania to the ...

Green bonds offer to finance the supplier Restart Energy’s investments – oversubscribed in the first ten days after launch

Thursday, February 11, 2021

Restart Energy, one of the largest independent suppliers of electricity and natural gas on the local market, successfully concluded a green bond offer conducted between January 20 and February 3, 2021, obtaining financing of 16,361,200 lei, oversubscribed and completed in advance after the first ten days from launch. According to the Offer Document, the offer’s value was 15,000,000 lei, with the possibility of supplementation.   The bond issue ...

Hidroelectrica wants to invest over 170 million lei in the retechnologisation of the Bradisor hydro-power station

Thursday, February 4, 2021

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The state  run company Hidroelectrica, one of the biggest energy producers in the country, wants to invest 170.37 million lei in the re-technologisation of the Bradisor hydro-power station.The topic  will be placed under approval of the AGM of the Shareholders on 4th March.   This re-technologisation aims at the CHE Bradisor functioning under conditions of safety for the ...

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