Romania: Insolvency at electricity supplier Getica 95, SEE Energy News
The largest Romanian independent electricity supplier Getica 95 has filed for insolvency due to cash flow problems. According to the company’s owner Viorel Tudose, the situation is not so difficult such as to force the company to terminate supply contracts, but the withdrawal of the financiers, on top of the deteriorating collection rate, forced it to resort to insolvency protection. However, he did not specify what led to such situation in the company.
Previously, market operator officials have warned about the risky policies of the energy suppliers that failed to contract in advance, taking short positions that might cost them as the prices on the spot market are surging.
Getica 95 and Tinmar are the sole independent players on a market dominated by privatized suppliers that are de facto vertically integrated, despite all the formal unbundling procedures they were subject to, and enjoy robust financial support from parent groups.
Getica 95 is the biggest independent electricity supplier, which held 9.9 % market share in January 2021, second only to Electrica Furnizare, and the biggest supplier on the free market with 12.15 % market share in January.