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Energy & Environment

Liberty Steel – Sidex invests 50-100 million euro in renewables

Thursday, March 19, 2020

One of the strategic projects envisaged by Liberty Steel, part of the GFG Alliance, as part of the 1 billion euro plan for the development of the Galati steel plant, aims at significant investments in renewable energy projects, of about 50 to 100 million euro. According to the general director of Liberty Gala?i, Bogdan Grecu, the purpose of these investments is to reduce the carbon footprint of the company and also to provide energy resources at ...

CE Oltenia will enter restructuring with a new management

Thursday, March 19, 2020

The Supervisory Board of the CE Oltenia could decide at the meeting at the end of March to suspend the functioning of the management board, a measure that will be approved in the general meeting of shareholders, later to enter into force, told energynomics.ro the president of the Supervisory Board (SB) of CE Oltenia, Dumitru M?rculescu. Sorin Boza could not be contacted. “There is a material of the control body of the Ministry of Energy … ...

EU allots 60% non-reimbursable funds for cogeneration plants in Romania

Thursday, March 12, 2020

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As Romania has recorded the highest electricity price growth in EU for heavy consumers, European Union is offering 60% non-reimbursable funds for the heavy energy consumers, up to 15 mln. EUR, through the POIM 6.4 financing axis, which can be invested in developing their cogeneration plants of high efficiency (CHP). This will allow the companies in the production sector to produce their own electrical and thermal energy for their activity and also to obtain huge cost cuts to their energy ...

Electrica Group: net profit of RON 207 million in 2019

Thursday, March 12, 2020

In 2019, Electrica Group achieved a consolidated net profit of RON 207 million, 71.2% up compared to the budgeted value for 2019, respectively 10.3% less than in 2018, based on the audited consolidated financial statements. The consolidated net profit registered in 2019 decreased compared to the level of the previous year, although EBITDA recorded a 5.5% growth, mainly due to the increase in depreciation and amortization expenses, as well as to the increase in net finance costs. The ...

Nuclearelectrica aims at inclusion in FTSE Russel index

Thursday, March 12, 2020

Nuclearelectrica National Company (SNN) is aiming to be included in the FTSE Russel index of the London Stock Exchange and for this purpose it will benefit, starting March 11, from the issuer's market making services provided by SSIF BRK Financial Group (BRK), one of the most active brokers on the Bucharest Stock Exchange (BVB) and, at the same time, market maker for two more companies listed on the BVB, informs a release of the company."Nuclearelectrica's shares were the most ...

Antitrust: Commission accepts commitments by Transgaz to facilitate natural gas exports from Romania

Thursday, March 12, 2020

The European Commission has made commitments offered by Transgaz legally binding under EU antitrust rules. The company will make available to the market significant firm capacities for natural gas exports from Romania to neighbouring Member States, in particular Hungary and Bulgaria. The Commission announced a formal investigation ...

Romania grants particular importance to the promotion of nuclear non-proliferation

Thursday, March 12, 2020

Romania grants a particular importance to the promotion of nuclear non-proliferation, both through the implementation of the dedicated Treaty, as well as by active participation in the international and regional regimes and agreements meant to consolidate nuclear non-proliferation, is the message sent, on Thursday, by the Ministry of Foreign Affairs (MAE) upon the anniversary of 50 years since the document's entry into force."Today marks 50 years since the entry into force of the ...

Minister Popescu: OMV will not withdraw from the Black Sea project

Thursday, March 12, 2020

Designated Minister of Economy, Virgil Popescu, claims that the issue of withdrawal from the Black Sea was not even approached, in Tuesday’s discussion with OMV chief Reiner Seele and that the investors’ representatives did not submit any deadline in which they should to change the Romanian legislation so as to take the decision to extract gas. “It was a discussion regarding the OMV priorities in Romania, what investments they want to make. (OMV chief, Reiner Seele) ...

CE Oltenia plans 310MW PV parks

Thursday, March 12, 2020

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Romanian coal and power complex CE Oltenia plans to achieve the restructuring and decarbonisation targets, among others, by developing four photovoltaic (PV) parks, to be located on contaminated land such as the areas currently used to store sludge and ash produced by its thermal power plants, and a tailings dump, where residues from the coal mining operations are ...

Eleven million jobs at risk from EU Green Deal, trade unions warn

Thursday, March 12, 2020

This article is part of euractiv. com special report Europe’s new Climate Law: Leaving no-one behind?. The European Green Deal risks deepening economic and social divisions between east and western EU countries, trade unions say, warning the 27-member bloc risks imploding before it reaches its 2050 climate neutrality ...

PATRES not happy with regulations planned to improve market balancing

Thursday, March 12, 2020

The association of investors in wind farms, PATRES, objected to new rules drafted by the market regulator ANRE with the declared aim of changing the behavior of wind farm operators and eventually decrease the net imports of electricity. Romania turned into a net importer of electricity last year and this was broadly interpreted in the context of obsolete domestic production capacities, part of which are polluting and inefficient. While this might be partly true, the wind ...

The European Green Deal – How can Romania turn challenges into opportunities?

Thursday, March 5, 2020

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By Laura Ciobanu, Manager, Climate Change and Sustainibility Services, EY Romania One of the priorities of the new European Commission (EC) will be the fight against climate change and environmental degradation. To that end, the European Green Deal lays down the actions meant to turn Europe into the first carbon-neutral continent by 2050. However, can Europe become the first climate-neutral ...

Committing to climate-neutrality by 2050: Commission proposes European Climate Law and consults on the European Climate Pact

Thursday, March 5, 2020

Wednesday, the Commission presented a proposal to enshrine in legislation the EU's political commitment to be climate neutral by 2050, to protect the planet and our people. The European Climate Law sets the 2050 target and the direction of travel for all EU policy, and gives predictability for public authorities, businesses and citizens. At the same time, the Commission is launching a public consultation on the future European Climate Pact. Through this consultation the ...

2050 long-term strategy

Thursday, March 5, 2020

The EU aims to be climate-neutral by 2050 – an economy with net-zero greenhouse gas emissions. This objective is at the heart of the European Green Deal and in line with the EU’s commitment to global ...

OMV and Petrom officials meet Romanian Govt. to talk about taxes and Black Sea project

Thursday, March 5, 2020

Rainer Seele, the CEO of Austrian group OMV, and Christine Verchere, the CEO of OMV’s Romanian subsidiary - OMV Petrom, had a meeting with Romanian acting prime minister Ludovic Orban and the minister of economy and energy Virgil Popescu, on March 3. The discussions addressed the sluggish legislative steps towards removing the problematic provisions of the so-called “greed tax” ordinance (OUG 114/2018), which determined OMV to ...

Record operational results for Rompetrol Rafinare, in 2019

Thursday, March 5, 2020

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Rafinare S.A. and those of the subsidiaries Rompetrol Quality Control S.R.L., Rom Oil S.A., Rompetrol Downstream S.R.L., Rompetrol Logistics S.R.L. Rompetrol Gas S.R.L and Rompetrol Petrochemicals S.R.L. Rompetrol Rafinare, part of the KMG International Group, managed in 2019 to maintain a positive trend in terms of operational results, with record values for processed raw materials, fuel production and sales on the domestic ...

Electrica's 2019 net profit decreases by 13.5pct, to 257.774mln lei

Thursday, March 5, 2020

Power supply and distribution company Electrica SA reported a net individual profit (according to preliminary unaudited results) down by 13.5pct in 2019 compared to 2018, to 257.774 million lei, and the net profit per share was of 0.76 lei, against 0.88 lei, according to the preliminary unaudited results on December 31, 2019, sent on Friday to the Bucharest Stock Exchange (BVB).At Group's level, the consolidated net profit amounted to 206 million lei, down by more ...

Energo Continent to develop 180MW wind farm in R.of Moldova

Thursday, March 5, 2020

Energo Continent, controlled by Romanian investors, will develop a 180MW wind park in the southern part of the Republic of Moldova. The investors claim that their project will be able to cover 15% of the electricity demand in the country, according to Moldovan news agency ...

Enel Romania pays EUR 625 mln dividends

Thursday, March 5, 2020

The three regional electricity distribution companies controlled by Italian utilities group Enel in Romania decided to distribute nearly RON 3 bln (EUR 625 mln) as extraordinary dividends, out of which the Romanian state and investment fund Fondul Proprietatea will receive over EUR 100 mln ...

ELCEN’s assets could be sold to any private investor

Thursday, March 5, 2020

Sierra Quadrant, the judicial administrator of ELCEN, registered with the Bucharest Court the modified plan for the reorganization of ELCEN, which will be submitted to the vote of the Creditors’ Assembly within 20 days from the publication in the Insolvency Procedures Bulletin of the announcement. ”The most important change provides for a period of six months from the confirmation of the plan by the Syndic Judge in which the Romanian state ...

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