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Energy & Environment
OMV Petrom shareholders approve 136% dividend payout ratio
Thursday, April 29, 2021
The shareholders of OMV Petrom (SNP), the biggest energy company in Romania, approved the distribution of dividends representing 136% of last year's net profit, resulting in a dividend yield of nearly 7%.The company's shares went up 2% on Tuesday, April 27, reaching their highest level in over a year. The company will use part of the retained earnings from previous years to pay dividends totaling RON ...
OMV Petrom will lead offshore Neptun Deep operations if Romgaz replaces ExxonMobil
Thursday, April 29, 2021
OMV Petrom (SNP), the largest energy company in South-Eastern Europe, will take over the operational management of the Neptun Deep offshore gas project in Romania's Black Sea if state-owned gas producer Romgaz takes over ExxonMobil's stake in the project. So far, US group ExxonMobil has been managing the Neptun Deep project, where it is an equal partner (50-50) with OMV Petrom. Romgaz, which is strongly ...
Fitch confirms Romanian electricity group Electrica’s BBB rating
Thursday, April 29, 2021
International rating agency Fitch has confirmed the corporate rating of BBB (Investment Grade), with a Negative outlook, for the Electrica Group (EL), a leader in the distribution and supply of electricity in Romania. The negative perspective is imposed by the rating of Romania (BBB- with negative perspective) as Fitch considers that the rating of the company must be limited to one notch above that of the Romanian state, ...
Over 310 lei/MWh for power in 2022
Thursday, April 29, 2021
The end of April brings transactions at record prices for electricity. In an article posted on the partnerg-i blog, Theodor Livinschi, the founder of the consultancy firm, notes that futures prices for electricity are set at high levels. Furthermore, the expert suggests that the pressures for renegotiation will intensify, including the prices and conditions of contracts already signed ...
Rystad Energy – Global oil demand to peak in 2026
Thursday, April 29, 2021
The rapid adoption of electric vehicles (EV) around the world will probably cause global oil demand to peak two years earlier than previously expected, Norway’s biggest independent energy consultancy Rystad said on Wednesday, according to Reuters. World demand is now seen peaking at 101.6 million barrels of oil per day (bpd) in 2026, down from a forecast made in November of a peak in 2028 at 102.2 ...
ExxonMobil reportedly responds to Romgaz’s offer for Neptun Deep
Thursday, April 22, 2021
Romanian state-controlled gas company has received "a first response […] to the offer to take over ExxonMobil's participation in the Neptun Deep gas project in the Black Sea," according to statements made on Tuesday, April 20, by Razvan Popescu, the company's economic director. "Unfortunately, I can't give you many details because we are in a period in which we have to keep certain limits of confidentiality. ...
Final electricity consumption, down 2.9pct in the first two months
Thursday, April 22, 2021
Domestic energy production decreased in the first two months of the current year, compared to the same period in 2020, by 266,400 tonnes of oil equivalent (toe), to 3.063 million toe, while consumption of final electricity was 2.9% lower than in the reference period, according to data released on Tuesday by the National Institute of Statistics (INS).Official statistics show that, between January 1 and February 28, 2021, primary energy resources decreased by 8.4%, ...
Competition Council probes distribution arms of CEZ, Electrica for abusive conduct
Thursday, April 22, 2021
Romania's Competition Council has launched, ex officio, two investigations into possible abusive behavior of the electricity distribution subsidiaries of Electrica and CEZ groups (Distributie Energie Electric? Romania and Distributie Energie Oltenia) by favoring the migration of customers to energy suppliers in the same group to the detriment of other suppliers. This was in the context of the retail ...
Ministry of Energy: We will have a national strategy for hydrogen
Thursday, April 22, 2021
The Romanian authorities plan to implement a national strategy for the use of hydrogen in energy, industry and transport, as this resource is becoming increasingly important at the EU level in the effort to reduce carbon emissions, said Dan ...
The first bond issue of Restart Energy One started trading on Bucharest Stock Exchange
Thursday, April 22, 2021
The first bond issue of the electricity and natural gas supplier Restart Energy One started trading today under ...
ANRE is granted consent to set out database for all energy and gas consumers
Thursday, April 22, 2021
The National Energy Regulator (ANRE) received consent from the the Authority for the Digitalization of Romania to implementing a platform that will contain a database with all the electricity and gas consumers in Romania, says a press release sent by ANRE on Tuesday.Within the project financed from EU funds, the main activity is that of purchasing IT - software, hardware and training platform development and implementation services necessary to develop and ...
CE Oltenia uses state aid to buy expensive CO2 certificates
Thursday, April 22, 2021
Romanian coal and power complex CE Oltenia, under insolvency, purchased in April 2.4 million CO2 certificates at prices between EUR 43.5 and EUR 44.5 per ...
RWEA launches RESInvest program to develop renewable energy production in Romania
Thursday, April 22, 2021
The Romanian Association for Wind Energy (RWEA) announces the launch of the RESInvest program, dedicated to the localization of the value chain for renewable energy in Romania, by encouraging local production of technology used in the renewable sector and creating investment opportunities based on European funds, reads a release issued on last Thursday.RESInvest comes with recommendations of good practices for the development of the renewable energy ...
Romgaz ponders loan and bonds for Neptun Deep offshore project
Thursday, April 15, 2021
Romgaz considers a mix of financing to include a syndicated loan and bond issuance, in addition to own resources, to finance the takeover of the 50% stake in Neptun Deep offshore project from ExxonMobil and subsequent investments, said the company's economic director, Razvan Popescu. He added that "the appetite for financing Neptun Deep [project] was unexpectedly high, even for us, both from the ...
Romgaz committed to complete 430MW power plant this year
Thursday, April 15, 2021
Romgaz is ready to complete on its own the 430MW gas-fired power plant that it develops at Iernut, unless the contractor comes up with a viable solution, Aristotel Jude, the general manager of the Romanian natural gas company, stated at a press ...
KMG International wants higher dividends from RO oil services subsidiary
Thursday, April 15, 2021
KMG International, a subsidiary of Kazakhstan’s state oil company KazMunayGas, has asked its Romanian oil services subsidiary Rompetrol Well Services (PTR) to also distribute some of its reserves as dividends. KMG International, which holds 73% of Rompetrol Well Services, wants the company to distribute RON 29.2 mln (EUR 5.95 mln) from its reserves to shareholders. This would result in a dividend ...
OMV Petrom’s output, down 7,5% yoy in Q1
Thursday, April 15, 2021
The largest company on the Bucharest Stock Exchange (BVB) by capitalization, OMV Petrom (SNP, EUR 5 billion), published its key operational indicators for the first quarter of the year (Q1), indicating a 7.5% year-on-year decline of its total hydrocarbon production to 138,900 barrels of oil equivalent (boe) per day. The total volume of hydrocarbon sales was 131,000 boe per day, down 7.35% yoy, of which ...
Total investments of over 1.6 billion lei in gas networks, for 2021
Thursday, April 15, 2021
Romanian gas distribution and transmission companies will invest a total of 1.6 billion lei under 2021 projects, according to a press release of the National Energy Regulatory Authority (ANRE), sent on Monday.In order to fulfill their obligations in accordance with the legal provisions, the transmission and system operator and the natural gas distribution operators submitted, and ANRE approved, the annual investment plans for 2021 in total amount of 1.3 ...
ANRM: Romania's interest is in Black Sea natural gas investment to start in 2022, or deposits will devalue
Thursday, April 15, 2021
Romania's interest is for investment in the Neptune Deep field in the Black Sea to start in 2022, otherwise the natural gas there will lose its value, said on Thursday Director of the National Mineral Resources Agency (ANRM) Sorin Gal.He participated in an online debate on decisions for the new economy: better public policies for the oil and gas sector, organised by Sustainable Romania and EM360 Group.Gal was asked what will happen if Black Sea ...
ENEL INTRODUCES THE HOMIX SMART HOME SOLUTION TO THE ROMANIAN MARKET
Thursday, April 15, 2021
Enel introduces Homix, a smart home solution that helps families save energy and simplifies their life while respecting the environment, to the Romanian market. Homix is a single smart home solution that allows for easy management, even remotely, of heating, security, lighting and all other devices of the smart home ecosystem. Homix starts with the features of a smart thermostat, Homix Home, which is ...