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Energy & Environment
Serbia wants to connect to BRUA by interconnector towards Romania
Thursday, May 26, 2022
Serbia, a country that buys natural gas from Russia at preferential prices due to its political ties with the regime in Moscow, now seeks to connect its gas transport grid with BRUA - a project essentially aimed at helping the countries in the region offset the dominance of the Russian gas. Serbia's energy minister Zorana Mihajlovic visiting Romania, said on May 23 that her country would prepare the design and technical ...
The offshore law was adopted by the Chamber of Deputies
Thursday, May 19, 2022
The offshore law was adopted by the Chamber of Deputies, the decision-making chamber, by 249 votes “for” to 34 votes against. The law goes to promulgation by President Klaus Iohannis. According to the draft adopted by the deputies, the Government will be able to impose temporary restrictions both on price and on sale for the domestic production of natural gas in ...
Rompetrol Rafinare’s results, in the first three months of 2022
Thursday, May 19, 2022
Rompetrol Rafinare, a member company of the KMG International Group (Rompetrol), had a gross turnover of 1.17 billion USD in the first quarter of 2022, up 16% from the same period of last year. The increase was due to higher petroleum products quotations than in the first three months of 2021. However, financial indicators, such as operational profit (EBITDA) and the net result, were ...
Magnesium and graphite mines reopening process could begin in 2023
Thursday, May 19, 2022
The process of reopening the magnesium and graphite mines could start in 2023, with certain conditions regarding the quality of the graphite mines, Economy Minister Florin Spataru announced on Tuesday."We intend to finalise the approval of these normative acts by the end of the year, so that the actual investments can be made starting with 2023. For this we are discussing with the European Commission, to find the necessary resources through European funds for ...
Hidroelectrica's profit up 70% YoY in Q1, despite 30% lower output
Thursday, May 19, 2022
Hidroelectrica, the largest energy producer in Romania, announced a net profit of RON 1.29 bln (EUR 260 mln) in the first quarter, 70.2% higher compared to the same period last year. The net profit margin exceeds 50%. Not even the 30% drop in output amid adverse natural conditions, could depress the earnings of the state-controlled hydropower group that heads towards a 15%-20% IPO at Bucharest Stock Exchange (BVB), under ...
Transgaz: Q1 net profit jumps 70% y/y
Thursday, May 19, 2022
Romanian gas transmission system operator Transgaz [BSE:TGN] said on Monday that its net profit jumped by an annual 70% on the year in the first quarter of 2022, to 268 million lei ($56 million/54 million euro). Operating profit was 35% higher year-on-year at 243 million lei, while the operating revenue before the balancing and construction activity was flat on the year to 457 million lei in the first ...
EIB and Transgaz sign agreement to develop decarbonisation strategy for Romania’s gas network
Thursday, May 19, 2022
The European Investment Bank (EIB) and Transgaz have signed an agreement for the provision of advisory services to prepare and develop a decarbonisation strategy for Romania’s gas network. Transgaz is a key player in the Romanian energy system, securing the access to affordable and clean energy for Romanian citizens and ...
Electrica posts 157.8 ml RON loss in Q1 2022
Thursday, May 19, 2022
Power supply and distribution company Electrica SA posted a loss of 157.8 million RON in Q1 2022, compared to 57.9 million RON worth of profit for the same period of the previous year, shows the Consolidated Report for Q1 2022 sent on Friday of the Bucharest Stock Exchange.The company reports revenues worth 2.6 billion RON, up 52 percent year-over-year, amid an increase of 818.3 million RON in the supply segment and an advance by 97.5 ...
Population starts saving electricity, consumption drops 4.4pct in Q1
Thursday, May 19, 2022
The population's electricity consumption in Romania dropped 4.4pct in January-March 2022 compared to the same period last year, according to data released on Friday by the National Institute of Statistics (INS).At the same time, industry consumption fell by 1.1pct, street lighting increased by 1.3pct, and overall national electricity consumption was 2pct lower in the first quarter.Production was also reduced by 5.7pct, reaching 14.8 TWh. ...
Enel takes over 300MW wind farm project in eastern Romania
Thursday, May 19, 2022
Enel Green Power Romania (EGPR), the local renewable energy generation division of the Italian utility group Enel, has taken over a 300 MW wind farm project located in Vaslui county, designed before the phasing off of subsidies for such projects but never developed. The project, to be developed across several communes in Vaslui county, has a technical connection notice (ATR) issued by Transelectrica in ...
West Power Investments to build 1GWp PV park in Romania by end-2024
Thursday, May 19, 2022
West Power Investments, a company owned by businessman Emanuel Muntmark through its Monsson group - the largest developer of green energy projects in Romania, obtained the technical approval for connection to the grid for a solar park of 1,044 MWp, in Arad county. This is 2.5 times larger than the 400 MWp park announced recently by Nofar Energy, a company listed on the Tel Aviv Stock Exchange, to be ...
Nuclearelectrica announces 3.5 times more net profit increase in Q1
Thursday, May 19, 2022
Nuclearelectrica (BVB: SNN), which operates Romania’s nuclear plant located at Cernavoda, announced that its net profit rose to RON 819 mln (EUR 162 mln) in Q1, 3.5 times more compared to the same period last year. Total revenues increased by 165% YoY to RON 1.86 bln, mainly due to higher electricity prices in the last year - as the nuke power plant’s outcome is roughly flat. The revenues ...
Development Minister Attila approves over 14 million lei for purchase of natural gas
Thursday, May 19, 2022
Minister of Development, Public Works and Administration Cseke Attila approved the distribution to the local budgets of some administrative-territorial units of the 11th tranche, amounting to 14,435,675.96 lei, from the subsidy to offset the costs related to the acquisition of natural gas necessary for the production of thermal energy in a centralized system for the cold season 2021-2022.The amount is related to the subsidy for natural gas consumption from ...
Situation at Cupru Min Abrud, under analysis at the Ministry of Economy
Thursday, May 19, 2022
Prime Minister Nicolae Ciuca declared on Thursday, in Alba Iulia, that the Ministry of Economy is analyzing the situation at Cupru Min Abrud, where the extracted raw material is exported, as there is no copper concentrate processing facility in Romania."Our country has significant mineral resources. Unfortunately, at the moment, the resources are being exported and we are losing what we all know and we are aware that it is the biggest benefit, ...
The Ministry of Energy launched in consultation the documents for the production of batteries and photovoltaic panels through PNRR
Thursday, May 12, 2022
The minister of energy has launched in consultation the documents for access to European Funds through the National Plan for Recovery and Resilience (PNRR) for the production of batteries, photovoltaic panels and storage capacities, announced on Facebook, the minister Virgil ...
Total costs for the restructuring of the Energy Complex Oltenia are up to 3.94 billion euro
Thursday, May 12, 2022
The European Commission published the Decision which mentions the approved measures included in the State Aid for restructuring in favour of EC Oltenia and the Plan for Recovery belonging to it, decision which was officially announced on 26th January 2022. The total costs for restructuring of the EC Oltenia are up to 3.94 billion ...
Strategic investment in the Vega Ploiesti refinery
Thursday, May 12, 2022
Rompetrol Rafinare, a member company of the KMG International Group (Rompetrol), recently completed a 4.2 million USD investment in the modernization of the Vacuum Distillation Plant (DV) within the Vega Ploiesti refinery, the company informs. The project will help to improve operational processes and will also have a positive impact in terms of increasing the protection of the ...
The American GIP fund buys WPD's offshore wind business in Romania
Thursday, May 12, 2022
US infrastructure investment fund Global Infrastructure Partners (GIP), with assets of around USD 81 bln, took over the offshore wind projects division of the German group WPD, including the projects in ...
EBRD: Firms to shift to renewables if Russia stops gas exports to Europe
Thursday, May 12, 2022
No Russian gas exports to the EU could slow growth in the EBRD regions by 2.3 per cent Short-term increase in energy prices would be the main brake on economic ...
Rompetrol turns into leading fuel supplier in Georgia
Thursday, May 12, 2022
The largest company in Georgia's fuel market is Rompetrol, with the share of the three largest companies amounting to 45%, according to agenda.ge quoting data from an annual 2021 report of the Georgian National Competition Agency, ...