Romania’s Planned Energy Holding Could Start Ops By May 1 – Official

The Romanian government could approve the decision setting up the country’s planned energy giant before May 1, and the company could be registered and start operating by that time, Teodor Atanasiu, head of the privatization agency AVAS, told a news conference Sunday.

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Atanasiu said he discussed over the past week the plan for the state-owned vertically integrated energy company with economy and finance minister Varujan Vosganian and Prime Minister Calin Tariceanu.

“I will present it, together with Vosganian, to the European Commission next week or the week after that. The project will also be discussed with parliament parties and then I will propose to the government to adopt the normative acts needed to set up the vertically integrated company,” Atanasiu said.

“It will be a holding: a majority shareholder will own shares in several companies in energy production, distribution and services,” Atanasiu said.

He added the government decision setting up the holding would be approved by May 1, and also by that date the company would be registered with the Trade Register and would start activity.

Atanasiu said the energy giant would include two coal-fired power plants, the country’s hydropower production, distributors Electrica Muntenia Nord, Transilvania Sud and Transilvania Nord with their respective maintenance and services companies and research institutes.

He added the future energy giant will not only have an important national role, but also a major regional role. Atanasiu added he is confident the power holding will be able to compete with major European utilities, such as Czech group CEZ AS (BAACEZ.PR) and Italy's Enel SpA (EN).

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