"Hidroelectrica" still doesn't have enough energy to honor its commitments, even though its receiver, Euro Insol, has decided to terminate the contracts with several energy traders, the so-called "clever boys".
Remus Borza, the head of Euro Insol, said: "For the month of August, as part of the 41 bilateral agreements it still has, Hidroelectrica needs to deliver approximately 960 GWh, but due to the hydrological draught, it can't produce more than 700 GWh. Thus, the company has a deficit of approximately 260 GWh which it will have to cover by buying expensive thermoelectric energy, from the open market, which costs approximately 220 lei/MWh".
He hopes that the Romanian Chamber of Commerce and Industry will act quickly and declare the force majeure in August, so that Hidroelectrica will be allowed to only deliver the energy it can produce, under the existing contracts. Otherwise, Hidroelectrica will be forced to acquire energy of over 57 million Euros just to be able to meet the demand for the month of August.
The receiver of the company said: "On July 27th we have asked the Chamber of Commerce and Industry to implement force majeure. Last year, also in July, we asked for the announcement of force majeure as well, but the approval of the Chamber came in September. It took more than two months from the date of the request for Hidroelectrica to implement force majeure, during which time the company spent 753 million lei on acquiring thermoelectric energy at a price of approximately 190 lei/MWh, only to sell it to at the price of 130 lei/MWh based on the contracts with the < clever boys >".
The management of the Legal Department of the Chamber of Commerce said that it did not have the time to go over the documentation sent by Hidroelectrica and that it cannot predict how much it will take for a ruling on the force majeure situation to be reached.
