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Energy & Environment

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 ...

Romanian retailer Altex aims to install 0.67ha of PV panels on its buildings

Thursday, February 4, 2021

Altex, the leader of the electro-IT retail market in Romania, wants to install as many PV panels as possible on the roofs of its stores and logistics parks in the coming years.   The retailer has already installed over 1,600 photovoltaic panels on its stores and Altex logistics centers in Arad, Satu Mare, and Chiajna and is deploying over 3,000 more photovoltaic panels in Lugoj, Deva, and Dragomiresti, aiming at a total ...

Reveal Marketing Research : Romanians' perception regarding the liberalization of the energy market in January 2021

Thursday, February 4, 2021

88% of Romanians say they knew that the energy market has been liberalized starting with January 1, 2021. 64% of respondents say they intend to continue with the same energy supplier. One third of Romanians (33%) found out about the liberalization of the energy market only after the 1st of January ...

Completion of the participation of BULGARTRANSGAZ to the LNG Terminal in Alexandroupolis 

Thursday, February 4, 2021

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The participation of BULGARTRANSGAZ, the operator of the national natural gas transmission network of Bulgaria, with 20% in the share capital of the Greek company GASTRADE that develops the Liquified Natural Gas (LNG) Terminal in Alexandroupolis, was completed today following the approval granted by the Bulgarian Commission for Protection of Competition.    The participation of Bulgartransgaz in the ...

Elcen will rent modular capacities only for next winter, implementation would take 2-3 months

Thursday, February 4, 2021

Electrocentrale Bucuresti (Elcen) will rent modular thermal energy production capacities only for next winter, as the commissioning works would have lasted up to three months, Elcen administrator Claudiu Cretu told Energynomics. Initially, Elcen intended to carry out the connection of capacities following an emergency procedure, in order to make up for heat losses, especially in sectors 2 and ...

Enel Green Power and FNM sign agreement for hydrogen mobility development

Thursday, February 4, 2021

Examining and identifying the best way to supply green hydrogen – produced exclusively using renewable energy – for mobility by rail in Lombardy, as part of the “H2IseO” project. This is the aim of the memorandum of understanding signed by FNM and Enel Green Power.   The agreement, signed by FNM Chairman Andrea Gibelli and Enel Green Power CEO Salvatore Bernabei, foresees the establishment of a joint ...

The law of vulnerable consumers must cover much more than financial aids for heating

Thursday, February 4, 2021

  The draft law on vulnerable consumers launched by the Ministry of Labor has stimulated numerous comments and proposals for improvement from energy experts. It is not clear whether these were taken into account by the authorities, as the messages sent to the ministry were not followed by invitations to dialog or mere acknowledgment of receipt.   One of the most important observations arising from the analyzes ...

White House says Biden believes Nord Stream 2 pipeline is ‘bad deal’ for Europe

Thursday, January 28, 2021

President Joe Biden believes the Nord Stream 2 natural gas pipeline is a “bad deal for Europe” and his administration will be reviewing restrictions on the project included in a bill that passed during the Trump administration, the White House said on Tuesday (26 January), euractiv.com informs.   The restrictions on the undersea pipeline project were included in the annual defense policy bill ...

German government, businesses come forward in support of Nord Stream 2

Thursday, January 28, 2021

The German government said it will not abandon the Nord Stream 2 project, despite US sanctions and calls by the European Parliament to impose EU measures against the Russian-backed gas pipeline project over the Navalny case.   “There is no direct connection between the Navalny case and Nord Stream 2,” government spokesman Steffen Seibert said in Berlin on Monday (25 January), adding that the ...

IRENA Forges New Partnerships to Advance Energy Transformation 

Thursday, January 28, 2021

The International Renewable Energy Agency (IRENA) signed a host of new agreements in the margins of IRENA’s recently concluded Eleventh Assembly. The four-day meeting held virtually for the first time brought close to 100 minister level representatives and 2000 attendees together to discuss pathways needed to drive renewables adoption in a year of critical climate action.   In the margins of the ...

Nuclearelectrica signed with E.ON Energie a contract worth almost 239 million lei

Thursday, January 28, 2021

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Nuclearelectrica signed with E.ON Energie Romania a contract worth 238.853 million lei for the sale of wholesale electricity according to a report sent on Friday to the Bucharest Stock Exchange.The period for the energy delivery will be 1-28 February 2021.The National Society Nuclearelectrica is producer of electrical, thermal and nuclear energy. The company has two unincorporated branches: Sucursala CNE Cernavoda which exploits unit 1 and 2 from CNE ...

Hidroelectrica’s IPO will take place, at the earliest, at the end of this year

Thursday, January 28, 2021

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There is a controversy over the listing of state-owned companies: to wait for the end of the crisis period (now triggered by Covid), in order to get a better price in the market, or to list anyway, as future stock market increases will equate to profit obtained during a boom period? It is, practically, the only barrier to the fastest possible listing of Hidroelectrica, about which more has been written than has been done in recent ...

Badea: Listing of Hidroelectrica does not mean that someone is leaving with the Romanian company

Thursday, January 28, 2021

The listing of Hidroelectrica SA can take place, at best, at the end of this year and we must explain to the Romanians that no one leaves with the Romanian company, as it is a method by which each of us can become part through buying shares in the company, Bogdan Badea, general manager of Hidroelectrica told on Monday a press conference dedicated to the tenth anniversary of the listing of Fondul Proprietatea (FP) on the local capital market."Listing is the most ...

Energy regulator ANRE: It is illegal to force suppliers to deliver energy at lowest price

Thursday, January 28, 2021

Forcing suppliers to deliver energy to household consumers at the lowest price is illegal, as it would be in violation of European regulations and would amount to a new Ordinance 114, on Tuesday said Zoltan Nagy-Bege, Vice-President of the National Energy Regulatory Authority (ANRE), at the online conference "Electricity in the Free Market" organized by the Bursa newspaper."Given the multiple pressure to which the authority was subjected at the end of ...

Enel-X installs 1,200 PV panels for Mega Image in Bucharest and Sibiu

Thursday, January 28, 2021

Enel X Romania, part of Enel X, Italian group Enel's advanced energy services division, will develop two photovoltaic systems for local retailer Mega Image in Popesti Leordeni and Sibiu.The two systems consist of over 1,200 PV panels with an installed capacity of over 500 kWp.   The project in Ilfov involves the turnkey delivery of a photovoltaic system with over 1,008 photovoltaic panels located on a ...

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