Romania: OPCOM power exchange to be listed for capital increase

16. July 2014. / SEE Energy News

Listing the OPCOM will be made by dividing current holdings followed by a capital increase, while the due-diligence process for the listing may be completed by September.

In the absence of a clear status of Hidroelectrica’s insolvency situation, or of the resources owned by CE Oltenia, the Department of Energy will provide the energy market more transparency in transactions through the listing of the OPCOM, the energy market exchange, says Gabriel Dumitraşcu, Director of Privatizations within
the Department of Energy.

Listing the OPCOM will be made by dividing current holdings followed by a capital increase, while the due-diligence process for the listing may be completed by September.

At the same time, Dumitraşcu stated that he hopes the privatizations of Hidroelectrica and CE Oltenia will take place in the first half of next year.

“The assessment of Oltenia’s resources took longer than I expected, and we have two possibilities: either declassify documents on initial assessments, or take an expensive solution, employing a prospecting firm to reassess the coal resource by exploration,” said Dumitraşcu.

He argues that the first phase of the audit resources of CE Oltenia took longer than expected, about six months, and now is a second step follows.

In Hidroelectrica’s case there’s no exact term for the exit from insolvency, but de facto the company is operational, and not insolvent, and recorded a profit of 200 million euro in the first half of 2014.

“Hidroelectrica will have a more spectacular listing than Electrica” said Dumitraşcu.

Previously, he declared that Hidroelectrica, while struggling to emerge from insolvency, will follow a restructuring.

Originally, CEO and Hidroelectrica’s privatizations should have take place this summer, or until autumn of 2014.

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