RSS
Energy & Environment
Romania’s Energy Watchdog To Decide End-Mar On New Gas Price Hikes
Thursday, March 6, 2008
Romania’s energy watchdog will decide whether to hike end-user natural gas prices by the end of March, following unofficial requests from gas distributors Distrigaz Sud and E.ON Gaz Romania. “We have not received official information on new natural gas price increases. We’re still analyzing the situation. A final decision whether to increase the price of natural gas as of April 1 has not yet been made,” said Gabriel Sarbu, a watchdog director. Earlier Wednesday, Distrigaz Sud, a gas ...
Investors keen to build Romania's 3rd and 4th nuclear reactors to receive equal shares close to 10%
Thursday, March 6, 2008
Companies to take part in the construction of the third and fourth reactors of Romania's sole nuclear plant located in the southeastern town of Cernavoda will have equal participations close to 10 percent, people with the Economy and Finance Ministry (MEF) said.The six investors interested in the deal, Electrabel-Belgium, Enel-Italy, Iberdrola-Spain, CEZ-The Czech Republic, Arcelor-Mittal Romania and RWE-Germany started talks on December 4, 2007. The negotiation commission said it ...
Investment in wind power systems reaches 1.5 billion euro
Thursday, February 21, 2008
The value of projects for the construction in Romania of wind power systems generating electricity has reached 1.5 billion euro so far this year.There are 22 wind turbines currently operating in Romania which commissioning was made on investments of 50 million euros. In 2007, the 22 turbines generated 4,947 MWh of wind power, less than 1 percent of the electrify consumption nationwide.The newly unveiled projects are for an installed capacity of some 2,200 MWh. The wind power facilities ...
Natura 2000 sites to cover 18 pct of Romania's territory
Thursday, February 21, 2008
Natura 2000 sites will cover about 18 pct of Romania's territory, a percentage higher than in other states like Finland - 13 pct, Austria - 11 pct, Lithuania - 10 pct, the Czech Republic - eight pct, France - eight pct, or Poland - four pct, Lucia Ana Varga, Secretary of State with the Ministry of Environment and Sustainable Development told a conference of experts.'The PHARE project on the Implementation of the Natura 2000 network in Romania has identified the major problems we come against ...
Rompetrol Refinery's turnover up 24 pct in 2007
Thursday, February 21, 2008
Rompetrol Refinary's turnover was 3.2 bln dollars in 2007, up 24 pct against the previous year, whereas its operational profit (EBITDA - earnings before interest, tax, depreciation and amortization) advanced 16 pct to 141 million dollars. The net result posted at the end of 2007 was by 66 million dollars less than in 2006, the company informs.Rompetrol Refinery's Q4, 2007 turnover stood around 970 million dollars and its operational profit was 15 million dollars. The company's net loss over ...
Net profit of Transelectrica, five times below 2007 figure
Thursday, February 21, 2008
The net profit of Transelectrica company dropped by more than five times, from 277.25 million lei (78.66 million euros) to 50.34 million lei (15.08 million euros), according to the preliminary and non-audited financial results recorded by the company last year.Transelectrica manager Stelian Gal, quoted by Business standard daily, says that the prices imposed by the National Regulatory Authority for Energy (ANRE) for the plant's own technological consumption and the exceeding of the ...
Petromidia losses increased more than fourfold in 2007
Thursday, February 21, 2008
The Petromidia refinery, Rompetrol Group’s most important asset, posted losses of over RON 219.57 million ($90.05 mln) last year, while turnover reached RON 5.549 billion ($2.22 bln), according to data sent to the Bucharest Stock Exchange.According to International Financial Reporting Standards (IFRS), Rompetrol Rafinare posted $3.2 billion in turnover last year, 24 percent higher year-on-year, while operational profit (EBITDA) increased 16 percent, to $141 mln.Financial results were ...
Transgaz capitalization down by €322 mln in two months
Thursday, February 21, 2008
Shares of state-owned Transgaz gas transportation company have been subject to steady decline, approaching RON 191.92 (€52.75) per share established in the Initial Public Offer (IPO) by the end of last year. The company’s capitalization was worth €744 million yesterday, €322 mln lower than capitalization at the end of 2007. Shares traded for €63.2 per share, 22 percent lower than the first day of trading for Transgaz allocation rights (traded before the actual shares were issued on the stock ...
Russia might increase by up to 7pc gas prices charged on 2008 natural gas deliveries to Romania
Thursday, February 21, 2008
The Russian Federation might increase by up to 7 percent the price for its 2008 natural gas deliveries to Romania, which would mean up to $20 per 1,000 cubic metres, Russian trade representative in Romania Igor Sidorov told Rompres. According to Sidorov prices for Russian gas advanced up to $70 in 2007.'The price charged for natural gas delivered to Romania is currently standing at $280-300 per 1,000 cubic metres. In 2007, it went up by $50-70. The rising price trends will continue in 2008. ...
The state made half a billion euro from energy
Thursday, February 21, 2008
State-owned energy companies posted cumulative profits of €500 million in 2007, according to latest estimates, with higher prices for electricity and natural gas leading to these financial results.Romgaz and Transgaz are the most profitable state-owned companies on the energy market, but the highest growth is in the private sector, where Austrian OMV group owned Petrom is expected to report a net profit of some €504 mln, according to its 2007 budget.The most profitable state-owned company ...
Romania Pledged To Adjust Gas Prices To EU Levels By ’07- ANRE
Thursday, February 21, 2008
Romania pledged to hike the natural gas prices every year, so that they should have reached the European levels by 2007, the president of Romania’s energy watchdog, Olosz Gergely, said Tuesday.Gergely said that back in 2004, on the backdrop of the gas price hike on the international markets, Romania tried to change the terms of the agreement but the European Union disagreed with it. On the other hand, the Economy and Finance Ministry said in January that Romania did not negotiate the gas ...
20% renewables by 2020: is it possible?
Thursday, February 21, 2008
Now that the political commitments by EU leaders to achieve a 20% share of renewable energy use by 2020 have been translated into binding targets for individual member states, a debate is heating up in Brussels about how, and if, the targets can actually be met, reads EurActiv. Advocates of renewable energy tend to agree that renewables like solar, wind, hydro and biomass can easily contribute 20% or more to the EU's energy mix by 2020 as long as certain conditions are met. Industries and ...
Gaz de France withdrew their Nabucco candidature
Thursday, February 21, 2008
Gaz de France withdrew their candidature for the European gas pipeline project Nabucco, the French state secretary for foreign trade Herve Novelli announced, in his first day of the visit to Turkey. “ It was a Turkish decision, which is not far from being a political decision and the GDF proposal was withdrawn” Novelli stated in Istanbul, after the journalists asked him if the purpose of his visit was to plead for the French group. “ We accept the situation and we regret. It is a pity ...
State subsidies for mining companies
Thursday, February 14, 2008
The Government approved the granting, for 2008, of subsidies for products and for social security, for mining companies, the press office of the Government said in a release.In conformity with Regulations of the EU Council 14072002 on the state aid for the coal industry and of EUROATOM Treaty in the nuclear sector, pit coal and uranium octoxide can benefit from subsidies. The subsidies are paid from the state budget and are included in Budget Law 3882007.At the year's end, the subsidy will ...
Interview: Italian renewables target 'unreachable'
Thursday, February 14, 2008
Limited potential, high costs and excessive bureaucracy are standing in the way of Italy reaching its renewable energy targets, according to Enzo Gatta, chairman of the Italian Association of Electricty Enterprises (Assoelettrica). He spoke with EurActiv in an interview. Italy's target of 17% more renewable energies by 2020, as set out in the Commission's proposal for a directive on renewable energies - part of its 23 January climate and energy package - is "extremely ambitious", Gatta told ...
Report: EU 2010 renewables target 'out of reach'
Thursday, February 14, 2008
The EU will not achieve a 12% share of renewables in its overall energy mix by 2010, despite 'remarkable' performance by Germany, according to a report by eurObserv'ER, the French observatory of renewable energies. "In spite of 2006 being a good year" in terms of increased renewables in primary energy consumption, "it's certain today that the targeted 12% threshold is not going to be reached." says the French 'Observatoire des énergies renouvelables' Its 2007 State of Renewable Energies in ...
Romania Should Import Natural Gas From Russia – Fin Min
Thursday, February 14, 2008
Romania will register losses of hundreds of million euros for the period between 2002 and 2012, as the authorities chose to purchase natural gas from intermediaries and not directly from Russia, minister of Economy and Finance Varujan Vosganian said last Sunday.“Romania’s policy has been weird during all these years. We bought (natural gas – e.n.) from intermediaries – some of them from Germany – and not directly from Gazprom. Romania has to prepare for a serious discussion with Russia to ...
Patriciu: Natural gas routes to Europe might pass through Constanta
Thursday, February 14, 2008
In Europe, talks about alternative natural gas supply sources are under the spotlight, Dinu Patriciu, boss of Romanian energy group Rompetrol, has told journalists in Astana. He added that European leaders try to find a way to assure supplies independence from Russia. Electronic newspaper Trend reads that in Patriciu's view the Romanian city port Constanta can become an important link between Kazakhstan and Europe.Patriciu argued that right after KazMunayGaz, which last year bought a ...
Romania’s ELCEN Price Hikes Likely Below Claim – FinMin
Thursday, February 14, 2008
Romania’s energy watchdog might approve an energy price hike below the unacceptable 15% increase asked by the country’s power producer Electrocentrale Bucuresti (ELCEN), part of domestic state-owned power distributor Termoelectrica, Romanian Economy Minister Varujan Vosganian said .“We received Electrocentrale’s request, but the watchdog has already suggested that price hike is not acceptable and will look into lower price increases,” Vosganian said . In November, Electrocentrale Bucuresti ...
EC Might Sanction Romania On Gas Price
Thursday, February 14, 2008
European commissioner Leonard Orban said this Monday that European Commission might sanction Romania if gas production price was higher than its sale price, meaning state grants subsidies in this respect.Asked whether the gas price hike in Romania represents an alignment to EU prices, Orban said there is no fixed gas price in EU states.Orban said EU takes into account the relation between gas production and sale price. Romania’s Energy Watchdog ANRE said on January 30 that household natural ...