Loading ...The government approved in its October 8 session the Emergency Ordinance for the establishment of the National Energy Company that will gather under one umbrella 50% of the electricity generating capacities and the three electricity distribution companies still under state ownership, Premier Calin Popescu-Tariceanu told a press conference at the end of the government’s meeting.
“What happens these days in global economy makes you better understand that small companies cannot resist this tough competition of large-sized companies,” said the Premier, adding that the energy sector is split into small companies that lack financial power and are incapable to resist competition or to finance themselves for upgrading and better comply with the increasingly stricter environmental regulations adopted by the European Union.
“Without a strong society we are mere spectators of the extensive energy projects that should unfold, Romania included. I’ll give you 2examples that you know: the two transport pipelines, Constanta-Trieste and Nabucco from the Caspian area to central Europe. All European countries have put their companies participate in these projects.
Romania has not had so far a company able to seriously get involved in the project. Germany had RWE, France has Gaz de France, Hungary has MOL, Romania is supporting the political project, through the statements of the political leaders. The political support is very important as well but it is not enough. It is necessary, but not enough,” the PM said.
The estimated value of the company assets, temporarily named Electrica, stands at about 20-24 billion euros, which makes it Romania’s second largest company after Petrom and among the first 25 companies in Central and Eastern Europe in which Romania has so far been represented by only one company – Petrom, held by a foreign operator, OMV.
“Its capacity will be 10,000 MW against CEZ of the Czech Republic with a 14,000-MW capacity.
I’m telling you this so you can understand who we are comparing ourselves with and ditch formulas like ‘the energy colossus’ because they do not have anything to do with the reality,” Tariceanu said.
I’m telling you this so you can understand who we are comparing ourselves with and ditch formulas like ‘the energy colossus’ because they do not have anything to do with the reality,” Tariceanu said.
One of the strategic goals of the new company will be to double the quantity of energy to be traded on the free market.
“The company does not plan to become a player that distorts the market. On the contrary, it wants to stimulate the market to become more competitive and one of the company’s strategic goals is to double transactions on the energy exchange with beneficial effects for all prices from consumers,” PM Tariceanu said.
Moreover, he explained that, without a strong company able to finance itself in order to invest in project that should lead to a cut in the CO2 emissions for the production of coal energy, Romania is risking that a part of the companies producing electricity from coal might be closed down because of lack of financing.
PM Tariceanu also said that the new company will be privatized wit a “portfolio investor” and not with a strategic investor.
“We would do nothing but offer a big company an extremely tempting company on a plate,” Tariceanu motivated the Government’s decision to avoid a strategic investor.
“We would do nothing but offer a big company an extremely tempting company on a plate,” Tariceanu motivated the Government’s decision to avoid a strategic investor.
“I want this company to become one of the champions of the Romanian economy, to function like a locomotive of economy. It will become a very dynamic and attractive element after its listing on the Bucharest Stock Exchange. With a good management, this company will contribute to the growth of the Romanian economy with results over the European average, this being one of its goals,” Tariceanu highlighted.
The PM explained that the Social Democratic Party (PSD, in opposition) which announced it will introduce a censure motion if the Government approves this company’s setting up, will be unable to explain this initiative in Parliament given that the Government’s decision is targeting the fulfillment of the national interest, namely, ensuring Romania’s energy security.
Also, PM Tariceanu anticipated that the other operators on the energy market who want to put their hands on other output capacities would harshly criticize this decision of the Government.
Also, PM Tariceanu anticipated that the other operators on the energy market who want to put their hands on other output capacities would harshly criticize this decision of the Government.
The company will be included in the portfolio of the State Assets Realization Authority and will be set up by taking over from the Economy and Finance Ministry the assets it holds in Hidroelectrica, with Turceni and Rovinari energy facilities and the three distribution operators to be added.
PSD president Mircea Geoana on August 20 announced that the Social-Democratic parliamentarians would table a censure motion in case the Government decided to set up a national energy company.
PSD president Mircea Geoana on August 20 announced that the Social-Democratic parliamentarians would table a censure motion in case the Government decided to set up a national energy company.
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