Romania: ELCEN power company to divide into two power gen companies12. June 2014. / SEE Energy News
Electrocentrale Bucharest (ELCEN), the largest producer of heat power in Romania, owned by the Romanian state will be divided into three companies and also prepares for merger with RADET (Buchares energy distributor). Electrocentrale Bucuresti SA (ELCEN), the largest producer of heat in Romania (40%) and Bucharest (85%) and one of the main suppliers of electricity in the country (7%), enters into a process dividing the restructuring and streamlining the company’s activity, according to a company release.
The company will be divided by the separation of ELCEN, which will continue to exist, parts of the estate and their transmission by two new companies: Company Electrocentrale Constanca and Electrocentrale Society Titan SA.
Following division, ELCEN will hold Thermal Power West Thermal and Power South Grozăveşti Thermal Power, Thermal Power Plant Progresu, and other property / assets will be allocated to the new company, provided the project division.
Electrocentrale Bucuresti SA (ELCEN), the largest producer of heat in Romania (40%) and Bucharest (85%) and one of the main suppliers of electricity in the country (7%), enters into a process dividing the restructuring and streamlining the company’s activity, according to a company release.
Project draft was prepared by the Division of Administration, based on Memorandum “Making public services supply heat through district heating system with integrated heat ( SACET) in Bucharest and Constanta “, adopted by the Government on 21 March 2013. Memorandum was approved in order to create an energy-efficient public service and effective for residents of Bucharest and Constanta, according to the company.
Gabriel Ignat, general manager ELCEN said: “The division will be followed by the transfer of all the shares Electrocentrale Bucharest SA and Constanca Electrocentrale local portfolio. On the agenda is still merging with RADET. Following the merger, we have a common development strategy SACET sites aimed at increasing efficiency and optimizing costs, taking into account the level of affordability for the end users. Meanwhile, SACET sites will be able to develop business strategies loyalty consumers connected to the system and reconnect those who have decided to use their power, natural gas. ”
Electrocentrale Constanca, new company, will hold Palas Thermal Power and thermal energy transport networks serving the city of Constance, and other property / assets ELCEN heritage.
Electrocentrale Titan SA, new company, will hold Thermal Power Thermal Power Fântânele Titan and other goods / ELCEN heritage assets.
ELCEN was established on December 18, 2002, as a subsidiary of Termoelectrica by reorganizing the company. Currently, the Ministry of Economy, the Department of Energy, is the main shareholder of ELCEN, with over 90% stake in the company.
ELCEN is the largest producer of heat in Bucharest (85%) and Romania (40%).The company also provides 7% of electricity nationwide. In 2013, ELCEN recorded a turnover of approximately 1.7 billion lei (380 million euros) and a net profit of 51 million lei (11.7 million euros).
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