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Energy & Environment
Transelectrica posts up two times lower profit January-September against the same interval last year
Thursday, November 4, 2010
The National Company for electricity transmission - Transelectrica on September 30, 2010, recorded 1.212 million euros in net profit (5.177 million lei), 2.2 times lower compared with profits made in the same time span of last year, according to financial results on Monday published on the Bucharest Stock Exchange (BVB) website.In the first nine months of 2009, Transelectrica scored 2.683 million euros in net profit (11.458 million lei).The company's net turnover reached 1.814 billion lei in ...
Environment Minister says Romania has over 1,000 contaminated sites
Thursday, November 4, 2010
In Romania there are over 1,000 contaminated decantation ponds, but this does not denote a threat that would lead to an ecological catastrophe, such as that from Hungary, the Minister of Environment and Forests, Laszlo Borbely, said on Tuesday. 'As concerns the contaminated sites in Romania, there is an ongoing assessment set to be finalized and presented in note to the Government, in maximum two weeks time. We have over 1,000 contaminated sites in Romania, but this does not mean ...
Chemical industry to benefit not only from domestic natural gas
Thursday, November 4, 2010
The chemical industry producers, but also some companies in the energy field, will benefit not only from domestic natural gas, because the Ministry of Economy, Trade and the Business Environment (MECMA) suggested that the Romanian Government should not extend the deadline of October 31, 2010 for the natural gas delivery at lower costs for this industry.According to an MECMA release, this was suggested mainly because of the increase in the natural gas import rate for other ...
Minimum stockpiles of crude oil and oil amount to over 210 tonnes in 2010
Thursday, November 4, 2010
The level of the minimum stockpiles of crude oil and oil products stands at 211,550 tonnes in 2010, almost double from the 2009 quantity, according to a draft Government Decision on stocking up safety minimum stockpiles, published by the Ministry of Economy. Romania stockpiled in 2009 as many as 111,600 tonnes of crude oil and oil products. The quantity of crude oil and oil products stockpiled for one year is calculated based on the consumption of oil products in the previous year. ...
E.ON Gaz Romania, E.ON Moldova Furnizare To Merge
Thursday, November 4, 2010
Gas distributor E.ON Gaz Romania and electricity supplier E.ON Moldova Furnizare, subsidiaries of German utilities group E.ON, will merge with a view of delivering integrated energy supplying services.The shareholders of both companies approved the merger, despite opposition from minority holder Fondul Proprietatea."All parties involved approved the merger, except for the representatives of Franklin Templeton, which manages Fondul Proprietatea," E.ON said in a news release.The new company ...
Petrom from gas and oil, to electrons and wind
Thursday, October 28, 2010
Petrom, Romania's biggest company, became part of Austrian OMV's portfolio in late 2004, with the company over the past six years undergoing a significant transformation process that has marked its financial results.Whereas in 2004 Petrom posted 240m-euro losses against around 2bn-euro turnover, in the six months of this year alone the company reported net income worth 1.5bn RON (366.8m euros) and sales of 8.3bn RON (over 2bn euros).The company, as it looks today, is, however, ...
Companies in energy sector had most cash last year
Thursday, October 28, 2010
Companies in the energy sector had the most cash available at the end of last year, according to a ranking supplied by the Trade Registry (ONRC) at ZF's request, which was put together based on the indicator "cash at bank and in hand".Enel Distributie Muntenia distributor had the highest amount of cash on December 31st 2009, 1.8 billion RON (over 400 million euros), more than double the company's turnover that year, of around 732 million RON. The company posted a 280 million-RON net ...
Nabucco Consortium To Lobby EU For Additional Funding
Thursday, October 28, 2010
The Nabucco consortium will lobby the European Union for additional financing, aside from the EUR200 million already allotted by the EU, consortium spokesman Christian Dolezal told a news conference in Bucharest Monday. Dolezal told reporters the pipeline could bring 8 billion cubic meters of gas from Azerbaijan and 10 billion cubic meters from Iraq. Furthermore, according to Dolezal, Turkmenistan could also be a gas supplier for Nabucco, as well as Egypt and Turkey. Nabucco's ...
Romanian Thermal Power Plants May Borrow State Reserve Coal For 2010 Winter
Thursday, October 28, 2010
Romanian thermal power plants and energy producers obtained the government’s approval to borrow 1.6 millions tons of coal and over 178,000 tons of fuel oil from the state reserve, due to their insufficient stocks for this winter. Thus, state-owned electricity producer Termoelectrica was allowed to borrow 30,000 tons of fuel oil for the 2010-2011 winter period, power producers Electrocentrale Bucuresti - 50,000 tons of fuel oil, Electrocentrale Galati - 15,500 tons, Electrocentrale Deva - ...
Romania Transelectrica Head Steps Down
Thursday, October 28, 2010
Adrian Baicusi, general manager of Romania’s state-run power grid operator Transelectrica (TEL.RO), has resigned from his position effective November 15, a company official said Tuesday.Baicusi announced his resignation at a board meeting, but didn't give a reason for his decision, Florin Staicu, PR adviser at Transelectrica told Mediafax. Baicusi wasn't immediately available for comments. He was appointed general manager at Transelectrica in January 2009. Romanian Economy Ministry ...
Renewable energy may attract bln. 9 euros, to utmost
Thursday, October 28, 2010
The Romanian renewable energy industry might attract between 7 and 9 billon euros, taking into account the huge potential it holds, managing partner of the CMS Cameron McKenna Bucharest Gabriel Sidere told a news conference, during a new edition of 'Green. The Future of Energy' seminar, in Bucharest, on Wednesday.'Romania's installed energy capacity amounts to 350MW wind energy, but 4,700 MW are in demand. It is a very small capacity compared to the ambitions voiced four years ago. ...
Wind Energy May Raise Romania’s Electricity Prices By 2% In 2011
Thursday, October 28, 2010
The renewable energy production might raise Romania’s electricity price by 2% in 2011, according to Ion Lungu, head of the association of electricity suppliers in Romania AFEER"For 2011, the influence of renewable energy might represent a 2% growth in the final price of electricity," Lungu told a news conference Wednesday.He added that next year's energy production from renewable resources is seen at 1.5 TWh. According to him, the renewable energy's influence over the electricity ...
Gov't funds 100 M lei to get decantation ponds shut
Thursday, October 21, 2010
Environment Fund Administration will finance 100 million lei for works on shutting the decantation ponds in the mining sector, in compliance with the Decision the Government approved on Wednesday Oct 13.Thus, through paying a100 million-lei commitment loan from the Environment Fund, by the year 2012, the activities and the works required and stipulated through the Programme for shutting and securing the decantation ponds, a priority in the mining sector, are urgently and ...
RIA-Novosti: Russia's Gazprom, Bulgaria to sign South Stream feasibility study deal next week
Thursday, October 21, 2010
Russia's state-controlled gas export monopoly Gazprom will sign an agreement with Bulgaria on a feasibility study of the Bulgarian part of the South Stream pipeline, Bulgarian news agency BGNES quoted Gazprom CEO Alexei Miller as saying on Friday following talks with the Bulgarian government. "We have negotiated further construction of the South Stream pipeline," the agency quoted Bulgarian Energy and Economy Minister Traicho Traikov as saying.The parties have agreed to accelerate ...
Petrom signs production enhancement contract
Thursday, October 21, 2010
Petrom, Romania's leading oil and gas company, has recently signed a 17-year production enhancement contract for nine onshore fields in the western Arad area, with PetroSantander, a private Canadian company specialising in the operation and rehabilitation of mature fields, the company reports in a press release.Under the contract, the estimated production enhancement is put at 50 percent in the respective fields within five years.The contract covers nine mature fields located in ...
Romanian Gas Prices Should Not Go Up This Winter - Econ Min
Thursday, October 21, 2010
Romanian Economy Minister Ion Ariton told a press conference Tuesday that, in his opinion, natural gas prices should not grow this winter, on any consumer segment. "I would not want gas prices to go up this winter, neither for household consumers, nor for companies," Ariton said.He added he will speak with Prime Minister Emil Boc Wednesday about maintaining regulations by which some local chemical companies use locally made gas exclusively. The law regulating the use of local gas by chemical ...
Romanian National Power Holdings Setup Will Boost Energy Price
Thursday, October 21, 2010
The two Romanian national power holdings will take out small companies activating on the local energy market, and the result will be a continuous increase in energy prices for end consumers, according to a survey drawn up by the Politehnica University of Bucharest."The two companies will take advantage of their oligopoly and will quickly eliminate the rest of the small players activating on the Romanian energy market," the survey reads. Moreover, according to the survey, the energy sector ...
Reuters Analysis: Energy investors turn to Romanian wind
Thursday, October 14, 2010
Wind energy offers a clearer path to the potentially lucrative Romanian energy market for investors hesitant about partnering the state on conventional power projects.With coal, gas, nuclear and large hydropower plants largely under state control, investors have found it hard to tap the European Union (EU) member state's energy market as successive governments have stalled reforms, privatizations and public-private partnerships.But Bucharest has made renewable energy a priority as ...
Oettinger values EU 2020 energy goals at €1 trln
Thursday, October 14, 2010
Europe needs to spend one trillion euros over the next decade on overhauling its energy system to reduce pollution and ensure supply, EU energy chief Günther Oettinger is expected to warn in the next few weeks."The energy challenge is one of the greatest tests Europe has to face. It will take years and decades to put our energy system onto a more sustainable and secure path," reads an early draft of the EU's 'Energy 2020' strategy, which the 27-member bloc's energy commissioner may propose ...
Nabucco delayed as Azerbaijan talks drag on
Thursday, October 14, 2010
The final decision on investment in the Nabucco pipeline will definitely not be taken this year and has been delayed until 2011 because gas supply talks with Azerbaijan are dragging on, an Austrian newspaper reported Friday (8 October).The 7.9 billion euro Nabucco pipeline is part of the EU's effort to diversify its natural gas supplies by bringing up to 31 billion cubic metres of gas annually from the Caspian region to an Austrian hub via Turkey and the Balkans .Construction on ...