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Energy & Environment
Bailiff, sent to trial after causing 1.5 million RON worth of damages to CE Oltenia
Thursday, May 6, 2021
Nicolae Gagiu, bailiff in Targu Jiu, was sent to trial by the prosecutors of the National Anticorruption Directorate (DNA) in a case in which he is accused of abuse of office and money laundering, after causing approximately 1.5 million RON worth of damages to the Oltenia Energy Complex (CE Oltenia).According to a release from the DNA, sent on Wednesday, prosecutors with the National Anticorruption Directorate - the Craiova Territorial Service disposed the ...
Claudia Griech is the news GM of E.ON Energie Romania
Thursday, May 6, 2021
Starting May 1st, Claudia Griech has taken over the position of general manager of E.ON Energie Romania, coordinating the Customer Solutions segment, and also B2C and B2B areas. She will also be member of the E.ON Romania board. “In a moment with numerous transformations on the energy market, we’ll focus on developing the solutions and innovative products portfolio (…) We assumed ...
Shell oil company becomes operational on Romanian market
Thursday, May 6, 2021
Shell, one of the largest oil companies globally, is operating at full force on the Romanian market since Tuesday, with a team of 57 persons."The Shell Romania team is now complete and working hard to serve our clients on the local market as efficiently as possible. Now we ensure them direct access to our services, products and know-how portfolio and we can respond directly to their need to have increased support in increasing the efficiency of business, through a ...
Romgaz’s shareholders agree to 5.5% dividend yield this year
Thursday, May 6, 2021
The shareholders of Romanian state-controlled gas producer Romgaz (SNG) approved the distribution of RON 690 million (EUR 140 mln) as dividends, an amount financed from last year's profit and the retained earnings account, according to a company's note to investors. The dividend payout ratio is not much higher than 50%, which leaves resources in the company's reserves account in the view of ambitious investments related ...
Govt. rejects Transelectrica’s dividend proposal, calls for new GSM
Thursday, May 6, 2021
The Romanian Government's General Secretariat, which owns a 58.7% stake in the national power grid operator Transelectrica (TEL), rejected the company's financial reports for 2020 and the dividend proposal and called for a new General Shareholders' Meeting (GSM). The Government motivated its request by saying that the company didn't observe the legal provisions related to the profit distribution by state-controlled ...
Electrica elects new Board members and pays dividend at 5.4% yield
Thursday, May 6, 2021
Romania's biggest electricity supply and distribution group, Electrica (EL), 49% controlled by the state, elected four new members in its seven-seat board. The company's shareholders also voted the distribution of dividends from last year's profit corresponding to a 5.4% yield and approved a financing strategy to support the investments and "inorganic growth opportunities." The company will distribute as dividends RON 248 ...
Energy minister suspects cartel of electricity suppliers
Thursday, May 6, 2021
Energy minister Virgil Popescu "suspects an illegal cartel agreement between the energy suppliers [on the residential market]," he told local news agency Agerpres in an ...
FP's Meyer: Repeal of Law 173, necessary for listing of Hidroelectrica, as it prohibits alienation of state participations
Thursday, April 29, 2021
The listing of Hidroelectrica involves several key steps that must be followed, but first of all, the repeal of Law 173/2020, which prohibits the alienation of state participations, Johan Meyer, CEO Franklin Templeton Investments Romania and Fondul Proprietatea Portfolio Manager said on Wednesday."There are several key steps to follow. First, the repeal of Law 173 prohibiting the alienation of state participations. Hidroelectrica has two shareholders ...
EnMin Popescu: We suspect electricity suppliers, thinking we would return to regulated prices, are involved in a cartel
Thursday, April 29, 2021
The Ministry of Energy suspects that the energy suppliers have concluded an illegal cartel-type of agreement, for they did not buy the electricity to be supplied to the population at the lowest costs possible, the relevant Minister, Virgil Popescu, said in an interview to Agerpres.The ...
OMV Petrom shareholders approve 136% dividend payout ratio
Thursday, April 29, 2021
The shareholders of OMV Petrom (SNP), the biggest energy company in Romania, approved the distribution of dividends representing 136% of last year's net profit, resulting in a dividend yield of nearly 7%.The company's shares went up 2% on Tuesday, April 27, reaching their highest level in over a year. The company will use part of the retained earnings from previous years to pay dividends totaling RON ...
OMV Petrom will lead offshore Neptun Deep operations if Romgaz replaces ExxonMobil
Thursday, April 29, 2021
OMV Petrom (SNP), the largest energy company in South-Eastern Europe, will take over the operational management of the Neptun Deep offshore gas project in Romania's Black Sea if state-owned gas producer Romgaz takes over ExxonMobil's stake in the project. So far, US group ExxonMobil has been managing the Neptun Deep project, where it is an equal partner (50-50) with OMV Petrom. Romgaz, which is strongly ...
Fitch confirms Romanian electricity group Electrica’s BBB rating
Thursday, April 29, 2021
International rating agency Fitch has confirmed the corporate rating of BBB (Investment Grade), with a Negative outlook, for the Electrica Group (EL), a leader in the distribution and supply of electricity in Romania. The negative perspective is imposed by the rating of Romania (BBB- with negative perspective) as Fitch considers that the rating of the company must be limited to one notch above that of the Romanian state, ...
Over 310 lei/MWh for power in 2022
Thursday, April 29, 2021
The end of April brings transactions at record prices for electricity. In an article posted on the partnerg-i blog, Theodor Livinschi, the founder of the consultancy firm, notes that futures prices for electricity are set at high levels. Furthermore, the expert suggests that the pressures for renegotiation will intensify, including the prices and conditions of contracts already signed ...
Rystad Energy – Global oil demand to peak in 2026
Thursday, April 29, 2021
The rapid adoption of electric vehicles (EV) around the world will probably cause global oil demand to peak two years earlier than previously expected, Norway’s biggest independent energy consultancy Rystad said on Wednesday, according to Reuters. World demand is now seen peaking at 101.6 million barrels of oil per day (bpd) in 2026, down from a forecast made in November of a peak in 2028 at 102.2 ...
ExxonMobil reportedly responds to Romgaz’s offer for Neptun Deep
Thursday, April 22, 2021
Romanian state-controlled gas company has received "a first response […] to the offer to take over ExxonMobil's participation in the Neptun Deep gas project in the Black Sea," according to statements made on Tuesday, April 20, by Razvan Popescu, the company's economic director. "Unfortunately, I can't give you many details because we are in a period in which we have to keep certain limits of confidentiality. ...
Final electricity consumption, down 2.9pct in the first two months
Thursday, April 22, 2021
Domestic energy production decreased in the first two months of the current year, compared to the same period in 2020, by 266,400 tonnes of oil equivalent (toe), to 3.063 million toe, while consumption of final electricity was 2.9% lower than in the reference period, according to data released on Tuesday by the National Institute of Statistics (INS).Official statistics show that, between January 1 and February 28, 2021, primary energy resources decreased by 8.4%, ...
Competition Council probes distribution arms of CEZ, Electrica for abusive conduct
Thursday, April 22, 2021
Romania's Competition Council has launched, ex officio, two investigations into possible abusive behavior of the electricity distribution subsidiaries of Electrica and CEZ groups (Distributie Energie Electric? Romania and Distributie Energie Oltenia) by favoring the migration of customers to energy suppliers in the same group to the detriment of other suppliers. This was in the context of the retail ...
Ministry of Energy: We will have a national strategy for hydrogen
Thursday, April 22, 2021
The Romanian authorities plan to implement a national strategy for the use of hydrogen in energy, industry and transport, as this resource is becoming increasingly important at the EU level in the effort to reduce carbon emissions, said Dan ...
The first bond issue of Restart Energy One started trading on Bucharest Stock Exchange
Thursday, April 22, 2021
The first bond issue of the electricity and natural gas supplier Restart Energy One started trading today under ...
ANRE is granted consent to set out database for all energy and gas consumers
Thursday, April 22, 2021
The National Energy Regulator (ANRE) received consent from the the Authority for the Digitalization of Romania to implementing a platform that will contain a database with all the electricity and gas consumers in Romania, says a press release sent by ANRE on Tuesday.Within the project financed from EU funds, the main activity is that of purchasing IT - software, hardware and training platform development and implementation services necessary to develop and ...