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Energy & Environment
Hidroelectrica’s gross profit in 2017, the largest in company’s history
Thursday, March 8, 2018
Hidroelectrica, Romania’s largest energy producer, recorded a gross profit of RON 1.6 billion last year, the best in the company’s history, romaniajournal.ro informs. The power output reached 14 TWh, compared to 14.5 TWh forecasted. According to Bogdan Badea, general manager of Hidroelectrica, 2017 was a year below the hydrological multi-annual average According to him, during the first semester the company made only ...
Fresh EU analysis makes case for higher renewables, energy saving goals
Thursday, March 8, 2018
A new analysis by the European Commission’s energy directorate, seen by EURACTIV, updates existing scenarios for renewables and energy efficiency, taking into account the rapidly falling costs of solar and wind power, euractiv.com informs. The Commission “non-paper” – EU jargon to mean it’s not official – is an update of the analysis presented in November 2016 when the EU executive tabled its ‘Clean Energy for ...
CE Oltenia estimates profits of over 44 million lei in January
Thursday, March 8, 2018
The Oltenia Energy Complex estimates for January a profit of more than 44 million lei, after a profit of approximately 200 million lei last year, says a statement posted on the company’s website, energynomics.ro informs. The company responds to the statements made by Nicoleta Munteanu, a partner of Euro Insol insolvency house, who said on Wednesday that “in the next period we will see even very large companies of ...
Nuclearelectrica plans investments of RON 1.8 bn by 2020
Thursday, March 8, 2018
Romanian state nuclear power producer Nuclearelectrica (SNN), which operates the Cernavoda nuclear power plant, has planned investments of RON 1.8 billion by 2020 from its own sources, of which the investment budget for this year stands at RON 515.25 million, according to the documents approved by shareholders and published on the company’s website, romaniajournal.ro reads. The investments planned for next year amount to RON 642.3 million, while ...
Transgaz gets 60 million euros from EBRD for regional gas pipleine
Thursday, March 1, 2018
The European Bank for Reconstruction and Development (EBRD) is providing a RON 278 million (60-million euro) loan for the construction of a new gas pipeline between Romania, Bulgaria, Hungary and Austria (BRUA) in a boost to the development of regional European energy markets, according to a press statement released by EBRD on Friday.The EBRD funds will be extended to Romania's Transgaz which is building the Romanian section of the pipeline.With a total length of 1,318 km, ...
Romania to ask EC to extend deadline for making thermal power plants environmentally compliant
Thursday, March 1, 2018
Romania will ask the European Commission to extend from 2021 to 2024 the deadline for its coal-firing thermal power plants to become compliant with the European environmental requirements, state secretary with the Ministry of Energy Doru Visan said Thursday."The European Commission has adopted the new Best Available Techniques (BATs), which are much more restrictive. According to the new requirements, it is necessary to have a set of technical and investment measures. Technical ...
Gas consumption surges in Romania due to low temperatures
Thursday, March 1, 2018
Natural gas consumption surged in Romania in the last couple of days due to low temperatures across the country, Transgaz real-time data published Wednesday that natural gas transportation system is close to the risk limit, business-review.eu informs. Line Pack index, indicating the volume of natural gas being in the national system at a certain time, was 34,3 billion cubic meters at 1.00 PM, just above the risk limit of 33 billion cm. The volume decreased rapidly in the last ...
Black Sea gas and international expansion are the answers for the future of OMV Petrom
Thursday, March 1, 2018
Over the past 12 years, the company has invested over 13 billion euros, said Mariana Gheorghe, CEO of OMV Petrom, in the press conference for the presentation of the preliminary financial results in 2017, energynomics.ro reads. These investments allow the main oil company in Romania to announce that it detains proven reserves of hydrocarbons for 10 more years, a time horizon similar to the one calculated in 2004, the year of privatization. “This is the ...
Transgaz takes the first step abroad, acquiring a gas grid operator in Moldova
Thursday, March 1, 2018
Romanian gas grid operator Transgaz, a state-owned monopoly, won the bid for the purchase of Moldova’s Vestmoldtransgaz, company operating the Moldovan section of the Ia?i-Ungheni gas pipeline, Moldova’s prime minister Pavel Filip announced Tuesday, business-review.eu reports. The successful bid marks the first step toward internationalization of Transgaz, company which will operate in Moldova through its local branch, EuroTransgaz. After ...
EU’s carbon market update clears final hurdle
Thursday, March 1, 2018
The Council of the EU has given the final stamp of approval to an update to the European Union’s Emissions Trading System (ETS), which hopes to help the bloc cut emissions by 40% by 2030, euractiv.com reads. Member states signed off on Tuesday morning (27 February) on a reform deal for the ETS that will govern the 2021-2030 period, after MEPs gave their approval earlier this month. The ETS is the bloc’s flagship emissions reduction tool and EU leaders hope tweaks ...
32 million euros in European funds for the rehabilitation of the heating network in Oradea
Thursday, March 1, 2018
Oradea City Hall will continue this year the rehabilitation program of the district heating network by replacing another 23 km of the main pipeline network and the modernization of the thermal power stations, project for which approximately 32 million euros is allocated, energynomics.ro informs. 95% of this funding is European funds, through the Large Infrastructure Operational Program (PMOI) 2014-2020, while the remaining 5% is the contribution of Oradea municipality. “From ...
Environment Ministry’s budget for 2018 covers state aid scheme for recycling industry
Thursday, March 1, 2018
The Environment Ministry’s budget for 2018 comprises a state aid scheme for recycling industry in Romania, said on Thursday the Environment minister Gratiela Gavrilescu, quoted by business-review.eu. “Because the waste recycling percent is extremely small in Romania and because we should develop this industry, we decided to bring money to the Environment Fund for a state aid scheme, a premiere for Romania. It’s a thing that we want to ...
MOL Group posts highest profit in a decade in 2017
Thursday, February 22, 2018
MOL Group posted Clean CCS EBITDA of USD 2.45 bn as all segments increased their contribution Free cash flow increased 21% year-on-year to reach USD 1.41 bn, comfortably beating the yearly guidance Net profit reached USD 1.11 bn, 18% up year-on-year Tuesday, 20 February 2018,MOL Group announced its financial results for 2017. ...
Romania imports over 7.7 mln tonnes of crude oil in 2017
Thursday, February 22, 2018
Romania imported a crude oil quantity of 7.75 million tonnes of oil equivalent (toe) in 2017, by 285.900 toe (3.8%) higher than that imported in the same period in 2016 , according to the data centralized by the National Institute of Statistics (INS). The crude production amounted to 3.42 million toe, down 4.4% (155.800 tep) from that in the previous year.According to the Energy Strategy draft, posted on the website of the Ministry of Energy, the domestic crude ...
OMV Petrom looking for Black Sea, Kazakhstan, Eastern Mediterranean expansion opportunities
Thursday, February 22, 2018
OMV Petrom, the largest oil company in Romania, is looking for development opportunities in the Black Sea, Kazakhstan and in the Eastern area of the Mediterranean, on Wednesday said the company's managing Director Mariana Gheorghe, in a news conference."When it comes to internationalization, we mainly talk about the upstream (exploration and production, ed. n.). We have planned a 100pct replacement degree of the reserves. Romania does not offer such potential. ...
Tie-up including Romania's Transgaz submits offer to buy 66% of Greece's DESFA
Thursday, February 22, 2018
A consortium including Romanian gas transmission company Transgaz [BSE:TGN] said on Monday it has submitted an offer to acquire 66% of the share capital of Greek gas transmission system operator DESFA, seenews.com informs. "Reganosa, Transgaz and EBRD acknowledge that we have submitted as part of the Reganosa consortium and were pleased to be able to support a competitive process for DESFA’s privatisation. EBRD has contributed to a ...
Romania's Black Sea perimeter has reserves of 200 bn cubic metres of gas
Thursday, February 22, 2018
The Black Sea gas reserves amount to 200 billion cubic meters in the perimeters where drilling took place, which would mean the total output of the country should double in 20 years, Sorin Gal, general manager of the National Agency for Mineral Resources (ANRM), said on Tuesday."When they work to the maximum, there will be 9-10 billion cubic meters of gas per year coming from the Black Sea for 20 years, which will bring the Romanian state 2.8 billion euros in ...
ExxonMobil, OMV Petrom to extract 6 bln cubic metres of gas per year from Black Sea
Thursday, February 22, 2018
ExxonMobil and OMV Petrom will start producing 6 billion cubic metres of gas per year from the Neptune block of the Black Sea, starting with 2020-2021, Sorin Gal, Director General of the National Agency for Mineral Resources (ANRM) stated on Tuesday.This would mean more than half of the country's current gas production, which stands at around 10-11 billion cubic metres of gas per year."Exxon should express its intent to move on to the next stage of the ...
Hidroelectrica posts 2017 gross profit of over 1.5 bn lei (general manager)
Thursday, February 22, 2018
Hidroelectrica estimates that it recorded a gross profit of more than 1 billion and a half lei last year, the best result of the company since it left insolvency, Bogdan Badea, the general manager of the energy producer, said on Monday."For us it was a year of challenges, it was a dry year and the market conditions were favorable at certain times. It was a complicated year because the energy production was lower," Badea told the ZF Power Summit ...
Coal production up 10.1pct in 2017, imports drop 1.9pct (INS)
Thursday, February 22, 2018
Romania's net coal production totalled in 2017 over 4.65 million tonnes oil equivalent, higher by 10.1pct (427,800 toe) against the previous year, according to data centralised by the National Institute for Statistics (INS). In the mentioned period, Romania imported 510,100 toe net coal, down by 9,700 toe (1.9pct) against the amount imported in 2016.According to the Energy Strategy project, published on the relevant ministry's website, Romania has total deposits ...