* On Friday night, the two companies signed the agreement for the provision of energy
On Friday night, the receiver of "Hidroelectrica", Remus Vulpescu, and the officials of "Alro" have signed the addendum concerning the increased energy price which will be supplied to the aluminum maker. The BURSA newspaper published the information exclusively, on its website, on Saturday morning.
Mr. Vulpescu said that "Alro" will pay somewhere between 180 and 205 lei/MWh for hydroelectric energy, according to the quote of aluminum on the London Metal Exchange. The contract will be valid until 2018 for an annual volume of 3TWh.
Remus Vulpescu said that the price will not go below 180 lei/MWh, regardless of the evolution of the price of aluminum. "Hidroelectrica" currently produces energy at a price of 125 lei/MWh, which may rise in the near future due to the hydrological draught.
"Alro" will pay for the hydroelectric energy at least three months in advance, and has agreed to retroactively pay 11 million Euros for the first semester. That amount represents the balance between the current and the old price. According to Mr. Vulpescu, over the last few months, "Alro" paid approximately 114-116 lei/MWh for hydroelectric energy, due to the drop in the price of aluminum on the international markets.
The aluminum maker is the largest consumer of electricity in Romania. The plant consumes banded energy, meaning it generates few imbalances in the system. Most of the major consumers need energy during peak hours and incur additional costs with the generated imbalances.
* Disagreements over the price formula
The agreement with "Alro" was one inch away from being signed on Wednesday night, after nine hours of harsh negotiations, according to unions in the aluminum plant.
Except that, after Remus Borza, the receiver of "Hidroelectrica", came to a
