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Energy & Environment

OMV: the final decision for investment in the Neptun project to be taken in 2021

Thursday, May 7, 2020

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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

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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 ...

Green Deal will be ‘our motor for the recovery’, von der Leyen says

Thursday, April 30, 2020

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European Commission President Ursula von der Leyen promised on Tuesday (28 April) to put the European Green Deal at the centre of the EU’s recovery plan, echoing similar statements made by German Chancellor Angela Merkel, euractiv.com reads. “As we now plan to slowly go back to work and to invest billions of euros to restart our economy, we should avoid falling back in old, polluting habits,” von der Leyen said in ...

Tradeville analysis : Electrica affected both by decreased demand on the market and the measures taken by the government

Thursday, April 30, 2020

The demand for electricity dropped by approximately 5% at European level, as many enterprises closed down, shows a Tradeville analysis, according to which the supplier and the energy distributor Electrica is affected both by the decreased demand on the market and the measures taken by the government.  ‘The pandemics of Covid-19 affects Electrica on two levels – through the reduced demand for electricity and the measures adopted by the ...

The energy renovation of the buildings may contribute to the economic restart of Romania after the Covid -19 crisis

Thursday, April 30, 2020

The starting of a national programme of investment in building renovation to increase the energy efficiency and the living quality would be one of the best measures for economic restaring after the crisis generated by Covid-19, shows Energy Policy Group (EPG), the think-tank which implements the project Efficient Romania. Beyond the public support that such a programme might gain, other benefits would be the creation of qualified workplaces, especially ...

Coronavirus: EU energy sector is well prepared and ready to contribute to economic recovery

Thursday, April 30, 2020

EU Energy Ministers, together with the Commissioner for Energy, Kadri Simson, discussed the preparedness of the energy sector in response to the COVID-19 crisis and its potential to contribute to economic recovery programmes. They concluded that the European energy system is resilient and that there is currently no risk to supply disruption. Following the ...

Fondul Proprietatea's Meyer: Listing Hidroelectrica, not possible this year, but next year

Thursday, April 30, 2020

Listing Hidroelectrica is not possible this year, but next year, said on Tuesday, Johan Meyer, Portfolio Manager Fondul Proprietatea and CEO of Franklin Templeton Investment Management Ltd UK Bucharest Branch, stating that a longer period of restrictions will increase the potential for a postponement of the listing.The company continues to take the necessary steps to select consultants to prepare for the IPO. Of course, a longer period of restrictions will ...

OMV Petrom shareholders get dividends despite plummeting oil prices

Thursday, April 30, 2020

The shareholders of Romanian oil and gas group OMV Petrom approved the distribution of dividends in gross value of approximately RON 1.76 billion (EUR 360 million), representing 48% of the 2019 net profit. Approximately RON 362 mln (EUR 75 mln) will go to the Romanian state, which holds a minority stake of over 20.6% in the company. Austrian group OMV, which holds the 51% majority stake in the company, will get close to RON 900 ...

Hidroelectrica proposes shareholders EUR 260 mln dividends

Thursday, April 30, 2020

Romanian state-controlled hydropower group Hidroelectrica convened shareholders on May 26 to approve the distribution of 90% of last year's RON 1.39 billion (EUR 290 mln) profit as dividends. The company's management proposed the dividend payout ratio abut the shareholders - the Romanian state (80%) and investment fund Fondul Proprietatea (20%) - have the final decision. Fondul Proprietatea would receive RON 250 mln (EUR 42 mln) ...

Moody's announces completion of a periodic review of ratings of Transelectrica S.A.

Thursday, April 30, 2020

 Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Transelectrica S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not ...

Fitch Revises Electrica's Outlook to Negative on Sovereign Action

Thursday, April 30, 2020

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Fitch Ratings has revised the Outlook on Electrica SA's Long-Term Issuer Default Rating (IDR) to Negative from Stable and affirmed the IDR at 'BBB'. The revision of the Outlook mirrors the recent revision of the Outlook on Romania's rating to Negative from Stable (largely driven by the implications of the coronavirus pandemic) as we do not expect to rate Electrica more than one notch above the Romanian state (BBB-/Negative), its largest ...

Romgaz pays dividends worth EUR 128 mln this year

Thursday, April 30, 2020

Romanian state-controlled natural gas producer Romgaz is the first blue-chip company on the Bucharest Stock Exchange that has had its 2019 dividends approved by the shareholders. The company will pay a gross dividend of RON 1.61 per share, resulting in a yield of 5.8% based on the latest share price (RON 27.75). In addition to last year's net profit, the company will also distribute to shareholders part of its reserves ...

Energy Transition: CEEP asks for more, fresh money and better allocations

Thursday, April 30, 2020

The costs of the energy transition are enormous and there is a clear need to increase the spending for the transformation of the European energy sector, writes Maciej Jakubik, Executive Director of Central Europe Energy Partners – CEEP, in the latest report of ...

Roland Berger’s Romanian E-Mobility Index shows strong increase in demand for electric-powered vehicles

Thursday, April 30, 2020

Demand growth for electric powered vehicles has accelerated in 2019 H2, shows the second edition of the Romanian E-Mobility Index developed by Roland Berger. In total about 1,960 units were registered in the respective period, up by 210% compared to 2019 H1. New car registrations for pure electric vehicles (EVs) more than tripled in the second semester, while plug-in hybrid electric vehicles (PHEVs) registrations more than doubled over the same ...

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