Romania’s biggest electricity producer Hidroelectrica has not managed to get the shareholders’ approval to go ahead with contracting a consultant for the potential purchase of assets from the local subsidiaries of Italian group Enel and Czech group CEZ.

The company failed on September 17, for the second time, to reach the necessary quorum for holding the general shareholders’ meeting for the simple reason that the Ministry of Energy, the owner of 80% of Hidroelectrica’s shares, can’t appoint a representative because the minister’s seat is vacant, Economica.net reported.

Prime minister Viorica Dancila issued an ordinance to give more power to state secretaries, but apparently only limited powers needed to run the day-to-day activities of the ministries.

Hidroelectrica wants to pay EUR 10 million to a consultant to help it purchase part of the assets CEZ and Enel want to sell.

CEZ already started a preliminary market testing process to evaluate the demand for its local operations. Both foreign groups have electricity distribution and supply branches as well as large wind farms in Romania. 

(Photo: Hidroelectrica Facebook Page)

editor@romania-insider.com