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Energy & Environment
Enel, no longer interested in selling Romanian assets
Thursday, May 21, 2020
Italian utility group Enel has abandoned the plans to sell minority stakes in its Romanian subsidiaries, according to sources familiar to the deal quoted ...
Jade Power Trust ponders selling its operations în Romania
Thursday, May 21, 2020
Canadian company Jade Power Trust has set up a special committee to explore several "strategic options," including a possible sale of its operations in the renewable energy sector in Romania. Another option would be to attract a strategic ...
Electrica Group ended the first quarter with a consolidated net profit of 80 million lei
Thursday, May 21, 2020
Electrica Group obtained, in the first quarter of 2020, a consolidated net profit of 80 million lei, registering an increase of 121 million lei, compared to the same period of the previous year, informs the company. Consolidated EBITDA (profit before interest, taxes, depreciation and amortization) reached the value of 224 million lei, being higher by 150 million lei compared to the value of the first three months of last ...
Romgaz confirms interest in Neptun Deep offshore project
Thursday, May 14, 2020
Romanian state-controlled gas company Romgaz still intends to take over part of the participation currently owned by ExxonMobil in the Neptun Deep offshore gas perimeter alongside OMV Petrom, general manager of Romgaz, Adrian Volintiru, confirmed in an interview ...
Engie Romania to invest over EUR 200 mln in gas distribution network
Thursday, May 14, 2020
Engie Romania, formerly GDF Suez Romania, has earmarked over RON 1 billion (over EUR 200 million) for investments in the rehabilitation, systematization, optimization, and expansion of its gas distribution ...
Household energy prices in the EU increased compared with 2018 +1.3% for electricity and +1.7% for gas
Thursday, May 14, 2020
On average, household electricity prices in the European Union of 27 Member States (EU) increased to €21.6 per 100 kWh. This represents a 1.3% increase between the second half of 2018 and the second half of 2019, similar to the overall inflation rate (HICP) over the same period. Across the EU Member States, household electricity prices in the second half of 2019 ranged from €10 per 100 kWh in Bulgaria to around €30 per 100 kWh in Denmark, Belgium and ...
Enel Romania reports its profit from operations tripled in Q1
Thursday, May 14, 2020
Italian group Enel, Europe’s biggest utility group and one of the largest foreign investors in the energy sector in Romania, announced its operational profit (EBITDA) in the country has nearly tripled to EUR 61 million in the first quarter of the year (Q1) from EUR 21 mln in the same period last year. Enel’s Romanian subsidiaries posted EUR 25 mln net profit in Q1, compared to EUR 10 mln losses in the same ...
MOL Group reported USD 152mn net loss in Q1
Thursday, May 14, 2020
USD 152mn net loss reported for Q1 on the back of large foreign exchange losses and inventory losses caused by weaker HUF and the plunging oil prices Underlying operations were running strong until mid-March, when the pandemic-related lockdown started to seriously affect all business lines Upstream EBITDA declined by 35% to USD 185mn in Q1 reflecting much lower oil and ...
In 2019, CO2 emissions from energy use in the EU estimated to have decreased
Thursday, May 14, 2020
Eurostat estimates that in 2019, the year before COVID-19 containment measures were widely introduced by EU Member States, carbon dioxide (CO2) emissions from fossil fuel combustion (mainly oil and oil products, coal, peat and natural gas) significantly decreased by 4.3% in the European Union of 27 Member States (EU), compared with the previous year. CO2 emissions are a major contributor to global warming and account for some 80% of all man-made EU greenhouse gas ...
Commission supports Member States in their transition to a climate-neutral economy
Thursday, May 14, 2020
The European Commission has approved all requests made by 18 Member States for support with the preparation of their territorial just transition plans, which each Member State will have to draw up to get access to funding from the Just Transition Mechanism. To recall, the Just Transition Mechanism is part of the European Green Deal Investment Plan and will mobilise at least €100 billion of investments to provide additional targeted support to the ...
Moody’s keeps the rating for Transelectrica at Ba1 with positive perspective
Thursday, May 7, 2020
The National Company for electricity transport Transelectrica SA obtained for the third year in a row the rating Ba1(Corporate Family Rating) with positive perspective, from the evaluation agency Moody’s Investors Service announced on Wednesday the company. Thus, Moody’s keeps, for 2020 the rating CNTEE Transelectrica SA with an improvement of the rating at the individual level from Ba2 to Ba1.The Ba1 rating with positive perspective reflects a limited ...
The transition of the mining areas affected the gradual elimination of coal would cost Romania 700 million euro
Thursday, May 7, 2020
Romania needs 700 million euro for the transition of the mining areas affected by the gradual elimination of coal from the electricity system until 2030 and the investments could be obtained from the budget allocated to the Just Transition Mechanism and which could give our country 757 million euro, says a study coordinated by the think-tank SE3T net, where Energy Policy Group (EPG) and Bankwatch Romania contributed.According to the quoted source, the delay of a ...
OMV: the final decision for investment in the Neptun project to be taken in 2021
Thursday, May 7, 2020
The final decision for investment in the Neptun project in the Black Sea is almost sure to be taken in 2021, as much depends on the existence of adequate offshore legislation in Romania, stated on Wednesday the general manager of the Austrian group OMV Rainer Seele, in a videoconference with the analysts, informs APA agency.Moreover, the American group ExxonMobil announced their decision to sell their shares of 50% which they own in Neptun project and Rainer Seele ...
General Turnaround of the Petromidia refinery, finalized with success
Thursday, May 7, 2020
Rompetrol Rafinare, a member company of KMG International, has successfully completed the turnaround of the Petromidia refinery and has initiated the restart of the production units. In the next period, they will re-enter the operational flow and gradually reach the nominal capacities. "The general turnaround is an absolutely necessary and mandatory measure to carry out our activity in complete safety, but also to protect employees, communities in the ...
Net OMV Petrom profit dropped by 43% in quarter 1 to 653 million lei
Thursday, May 7, 2020
OMV Petrom, the largest energy company in South Eastern Europe reported a net profit of 653 million lei in quarter 1, 43% lower than in the same period of 2019, when it went up to 1.15 billion lei, when incomes from sales went up by 12% to 6.08 billion lei, according to the report sent by the company on Wednesday. Incomes from sales went up by 12% to 6.08 billion lei, from 5.42 billion lei in the first three months of 2019. The ...
Lignite phase-out in SEE countries: the later it happens, the more it costs
Thursday, May 7, 2020
A total of 3.7 billion EUR for regional development would secure a just transition for coal phase-out in three SEE countries – a new study released by SE3T.net (Southeast Europe Energy Transition Network) finds. This investment can be funded by the Just Transition Mechanism that has been proposed by the European Commission, worth EUR 100 billion. Bulgaria, Romania, and Greece are currently responsible for more than 9 percent of coal and ...
3 Green Deal priorities – renewable energy, clean mobility, energy efficient houses
Thursday, May 7, 2020
EU energy ministers express strong support for the European Green Deal as an essential part of the EU’s recovery strategy to respond to the Covid-19 crisis. The European Commission was asked to maintain its high level of ambition and proceed with its agenda of planned initiatives, such as the smart energy sector integration strategy, renovation wave and offshore energy strategy. “We must use this moment as an opportunity to accelerate the ...
Urban Mobility: City halls gain new European funding for electric buses
Thursday, May 7, 2020
The city halls of Targoviste, Fetesti, Slobozia and Craiova announced the implementation of new projects in the field of electric mobility, according to ADR Sud Muntenia. Thus, the administration of Târgovi?te municipality, Dambovita county won a European project of over 122.7 million lei (approximately 25 million euro) for the purchase of 28 hybrid buses, the construction of three end-of-line stations and also for the modernization of another 28 ...
ELCEN has 400 million lei worth bad debts from Termoenergetica; it has already gone to court
Thursday, May 7, 2020
In the few months since taking over the operation of the district heating network in Bucharest, TERMOENERGETICA has accumulated debts of 398 million lei to ELCEN, announces the main thermal energy producer in Bucharest. ELCEN has already filed lawsuits to recover its debts and warns that TERMOENERGETICA already meets the conditions for entering into insolvency following the accumulation of outstanding debts. The invoices for January, February and March ...
OMV Petrom: Operating results 21% lower in Q1, investments down by 30%
Thursday, May 7, 2020
OMV Petrom had a 21% reduction in operating income to 975 million lei in the first quarter of this year. In the Upstream segment (exploration and exploitation of oil and gas) the quarterly decline was 81%, mainly under the influence of declining oil and gas prices. In response to the current context – depressed international prices and the decline in demand due to the Covid-19 pandemic, OMV Petrom estimates a 30% reduction in investment spending ...