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Energy & Environment
Energy poverty prevalent in SEE countries, Bulgaria worst performer in EU - European Right to Energy coalition
Thursday, February 28, 2019
A majority of EU countries have significant levels of energy poverty, especially prevalent in Southeast Europe (SEE), and are unable to keep all their citizens warm this winter, the European Right to Energy coalition said, quoted by seenews.com. “Bulgaria far outstrips other countries for prevalence of four key indicators - damp and leaky homes, high energy costs for households, inability to keep homes warm against winter, and inability to keep ...
Romanian presidency of Council of EU gets support from member states for Natural Gas Directive
Thursday, February 21, 2019
The Permanent Representative Committee of the governments of Member States approved the provisional agreement reached by the Romanian presidency of the Council of the European Union with the European Parliament on the Natural Gas Directive, with the next step being the adoption of the Directive by the European Parliament, the Ministry of Energy announced."I am very pleased we've reached this agreement so quickly. This agreement eliminates a problem existing with ...
Electrica group planned investments worth 739 million lei for this year
Thursday, February 21, 2019
The Electrica group planned investments worth 739 million lei this year and 710 million of the sum is the investment plan of the distribution branches, informs the company in a press release sent on Wednesday to the BVB.‘During the meeting of 19 February 2019 the Board approved the consolidated sum for the Investment Plan (CAPEX) of the Electrica Group for 2019, worth 739 million ron. Out of this value, 710 million ron is the investment plan (CAPEX) of the ...
ROMGAZ supports completion of the Southern Corridor as a first step of national strategic intentions
Thursday, February 21, 2019
On the fifth annual meeting of the Southern Gas Corridor Advisory Council (SGC Advisory Council), taking place Wednesday in Azerbaijan, Romgaz restated its support for the development of the Southern Gas Corridor, while considering to continue the transmission infrastructure by finalising the Bulgarian-Romanian Interconnector and BRUA Project, in the context of developing the relationship with Azerbaijan and the potential partnership with ...
Extension of Iasi-Ungheni gas pipeline to Chisinau, to contribute to regional energy security
Thursday, February 21, 2019
The extension of the Iasi-Ungheni gas pipeline to Chisinau will contribute to regional energy security, Prime Minister Viorica Dancila said on Tuesday in the opening of the Government meeting."As I have said on several occasions, we are also concerned about the investments that contribute to the development of the entire region and, in this respect, the relationship with the Republic of Moldova is a special one. To this end, I welcome the start of the second phase ...
Transgaz starts building key-gas pipeline aiming to allow Chisinau to import gas from Romania
Thursday, February 21, 2019
The state-owned company Transgaz has officially started to build a key-gas pipeline that will allow Moldova to import Romanian gas for its Capital city. The second phase of the Iasi-Ungheni-Chisinau pipeline, 120 km-long, will connect Chisinau with Ungheni, allowing most part of Moldova and especially Chisinau to use Romanian gas and avoiding the current monopoly of the Russian giant Gazprom. “The project represents a ...
Hidroelectrica posts record profit in 2018
Thursday, February 21, 2019
State-controlled Hidroelectrica, the largest Romanian electricity producer, posted a record RON 1.55 billion (EUR 330 million) net profit in 2018, up 13.9% compared to the previous year. Its turnover increased by 30.7% to RON 4.25 billion (EUR 900 million), according to unaudited data published in the annual report of Fondul Proprietatea (FP), a minority shareholder in the company, quoted by ...
OMV Petrom to invest over EUR 55 million in pipeline installation works
Thursday, February 21, 2019
OMV Petrom is ready to spend up to RON 264.8 million (EUR 55.8 million) on works to install pipelines, according to a statement published on the SICAP acquisitions platform. The tender refers to the acquisition of “works to install high-density steel, glass fibre and polyethylene pipelines”. The value of the framework agreement is estimated between RON 32.1 million (EUR 6.8 million) and RON 264.8 million (EUR 55.8 ...
Transelectrica profit, up over three times in 2018
Thursday, February 21, 2019
National electricity transport company Transelectrica posted a net profit of 89 million lei in 2018, over three times higher than in the previous year, when it reported 28 million lei, according to the preliminary financial information sent on Friday to the Bucharest Stock Exchange.Gross profit rose by 106pct, from 47 million lei in 2017 to 96 million lei in 2018. Revenues totaled 2.719 billion lei, down 11pct.In 2018, the company saw a 54pct increase ...
Romgaz's profit down 22pct last year to 1.4bn lei
Thursday, February 21, 2019
Romgaz, the gas producer owned by the Romanian state, posted a net profit of 1.4 billion lei last year, down 22pct from 2017, Andrei Boban, the company's business manager, told a press conference.At the same time, the turnover reached 5 billion lei, meaning an increase of 9pct."The year 2018 was a complicated one, with events that significantly influenced our financial results," said Dumitru Rotar, deputy general manager.He referred to the ...
Russia’s Gazprom aims to boost its 35% gas market share in Europe
Thursday, February 21, 2019
Russia’s gas giant Gazprom aims to further increase its 35-percent market share in Europe, amid higher natural gas demand and expected lower production at key western European natural gas producers, according to a senior Gazprom manager quoted by energynomics.ro. The Russian company sees opportunities to lift its market share in Europe even more amid an expected decline in production in the North Sea and the planned shutdown of a huge gas field ...
Romanian EU Presidency confirms Germany wins compromise on North Stream 2
Thursday, February 14, 2019
France has reached a compromise with Germany over the statute of the offshore natural gas pipelines that voids the objections of Romania and other East European countries and gives the latter the right to negotiate and regulate the North Stream 2 project. The two EU countries have agreed to ensure oversight will come from the "territory and territorial sea of the member state where the first interconnection point is located," which is Germany in the case of the German-Russian ...
Reuters: Hungary calls on U.S. to spur Exxon gas project in Black Sea
Thursday, February 14, 2019
The United States could help Hungary diversify away from Russian energy by encouraging ExxonMobil to proceed with long-stalled plans to develop the Domino-1 gas field in the Black Sea, Hungary’s foreign minister said. Foreign Minister Peter Szijjarto discussed diversification of Hungary’s natural gas imports with U.S. Secretary of Energy Rick Perry on Wednesday, the ministry said on Thursday. He asked Perry to do what he could to facilitate the start of production ...
Euro Sun Mining drops gold mining project in Romania
Thursday, February 14, 2019
Canadian mining company Euro Sun Mining (formerly Carpathian Gold), the owner of the Rovina gold project in Romania, has renounced its planned private placement of shares under which it hoped to raise up to CAD 10 million to fund the project in Romania. The decision was taken “due to the difficult market conditions”. The company, which recently obtained the approval of the Romanian Government for the exploitation of the gold mine in Rovina, the second largest in ...
Competition Council approves takeover of 9 OMV Petrom's licences by Mazarine Energy
Thursday, February 14, 2019
Romania's competition authority said on Thursday it has approved the takeover of nine local onshore oil and gas fields belonging to oil and gas group OMV Petrom by Mazarine Energy Romania for an undisclosed sum. "Following a review of the transaction, the Competition Council found that it does not raise significant obstacles to effective competition in the market, in particular by establishing or strengthening of a dominant position," the anti-trust authority said in a ...
Romania's presidency of EU Council gets mandate to kick off negotiations on natural gas Directive's revision
Thursday, February 14, 2019
Romania's presidency to the EU Council has recorded a remarkable breakthrough by getting mandate to initiate negotiations with the European Parliament in relation to one of the most sensitive and important legislative files of the EU agenda - the revision of the natural gas Directive, a release by the Romanian gov't informs.The approach initiated by Romania's presidency of the EU Council benefited a broad support from the member states, adds the source."The file was ...
Electricity distribution operators announce investments of RON 1.6 billion in 2019
Thursday, February 14, 2019
Electricity distribution operators have said they would carry out total investments worth approximately RON 1.6 billion in 2019, the National Regulatory Authority for Energy (ANRE) announced in a press release. “In the application of the regulatory framework, which established firm obligations for the electricity distribution operators, the concessionaires for realizing the undertaken investments, they submitted to ANRE their investment plans for 2019. From their statements, we ...
Romanians reduced their electricity consumption by 15 pct in 2 years on expanding energy-efficient home devices
Thursday, February 14, 2019
Romania’s households have reduced their electricity consumption by more that 15 percent during the last couple of years, the largest drop seen in decades, as people are buying more energy-efficient devices and improve their homes in order to pay lower bills. The households’ electricity consumption declined by 11.2 percent in 2018 to 10.17 TWh, the second drop in a row. In 2017, households’ electricity consumption decreased by 5.1 percent to 11.45 TWh, following a ...
FITCH UPGRADES ENEL’S LONG-TERM RATING TO “A-” AND MAINTAINS THE SHORT-TERM RATING AT “F-2”. STABLE OUTLOOK
Thursday, February 14, 2019
Fitch Ratings (“Fitch”) announced that it has upgraded its long-term rating of Enel S.p.A. (“Enel” or the “Company”) to “A-” from its previous level of “BBB+”. The agency maintained its short-term rating for Enel at “F-2”. The outlook remains stable. The rating agency recognised Enel’s strong track record of delivery on the Group’s challenging operational and financial objectives in the period between ...
Oil Terminal reported low financial results in 2018 compared to 2017
Thursday, February 14, 2019
Oil Terminal, the company that operates the oil terminal from Constanta, has reported a turnover of RON 145.96 million in 2018, down by RON 7.63 million compared to 2017, http://business-review.eu informs. The company’s 2018 net profit was RON 317,000, down by RON 2 million compared to the report for the first nine months of 2018. The state owns 59.62 percent of Oil Terminal through the Ministry of Energy. The company ...