The restructuring process undertook by Italy's Enel, the only power group owning 2 electricity distribution companies domestically, generated 3 companies and a team of 500 energy "salesmen", the largest there is on the domestic market.
"There were 20 work groups including more than 60 Romanians who, together with Italian specialists thought out the restructuring of the two companies," says Matteo Codazzi, CEO with Enel Romania.
Enel is the first foreign investor that entered the domestic power market through a package acquisition: Electrica Dobrogea and Electrica Banat, a deal completed in April 2005, worth almost 180m euros. The Italians expect the privatisation of Electrica Muntenia Sud, the most valuable power distribution company, for which they were ready to pay 820m euros to be concluded by July 17.
"In the wake of restructuring, a single sales company resulted, due to cover the entire Banat and Dobrogea region: Enel Energia. It will be the sole interface with customers and through it we'll be able to operate in the entire country, both on the residential and the corporate client segments. The company will have 500 people, both from Enel Electrica Dobrogea and from Banat," says Codazzi.
This is the biggest company selling energy that resulted in the wake of the restructuring of privatised companies in the sector.
The wave of reorganisation processes in the sector emerged as European stipulations require that energy companies have their distribution activities (network i.e.) separated from supply activities (the commercial activity, the sale of energy i.e.).
"Within Enel Energia, 70% of employees are Romanians, while the rest of 30% are Italians filling management positions. What I want is that the management of companies should be 100% handled by Romanians," says Codazzi.
On the distribution side, the Italians set up two firms.
"On the segment of distribution, namely the business part strictly related to infrastructure and not to customers, we'll create two companies, Enel Distributie Banat and Enel Distributie Dobrogea, to have more than 2,500 employees together. The companies will have the same general manager, but different management teams," explains Enel representative.
"Restructuring costs amounted to 3m euros for both companies. We are awaiting the decision of the National Energy Regulatory Authority on the way these costs are to be recouped," says Enel CEO. As regards planned investments for this year in the two electricity distribution firms, Enel representative says the earmarked sums will be considerably higher than the 67m euros invested last year.
The Italians' next objective domestically is getting some production facilities.
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