Romanian state – owned energy producer Hidroelectrica plans to sell energy worth some EUR 15 million on the local power exchange OPCOM, with bid scheduled on March 11 and 12.

Hidroelectrica plans to sell more than 440,000 Mwh, with asking prices varying between RON 153 and RON 175 (EUR 34 and EUR 39), depending on the quantity sold.

The European Commission recently imposed a fine of EUR 1 million on OPCOM, the Romanian power exchange, and its parent company Transelectrica, for having abused its dominant position.

The EC found that OPCOM discriminated against electricity traders established in EU countries other than Romania by requiring them to obtain a Romanian VAT registration even though they already had a VAT registration in their home country, according to the official EC statement.

Hidroelectrica, Romania’s largest energy production company recently re-entered insolvency after the Bucharest Court of Appeal admitted the appeals made by companies Alpiq, Energy Holding, EFT, Andritz Hydro and Local Budget Department District 2. Euro Insol was reinstated the judicial administrator.

Hidroelectrica announced its insolvency exit in June 2013, a year after entering it, and Euro Insol handled the procedures, as judicial administrator.

The Romanian State through the Ministry of Economy owns some 80 percent in Hidroelectrica, while a share of 19.9 percent is held by investment fund Fondul Proprietatea.

editor@romania-insider.com