Greg Konieczny, manager of Fondul Proprietatea (Property Fund -FP), minority shareholder in the most valuable energy companies inRomania, says Hidroelectrica, the biggest local electricityproducer, lost between 600 and 850 million lei (143-202 millioneuros) in earnings in 2009 alone because of the company's ongoingdirect contracts. The list of buyers of hydro-energy through directcontracts are Alro, Romania's biggest energy consumer, EnergyHolding, a company set up by Bogdan Buzăianu, the godson of formerindustries minister Dan Ioan Popescu, Energy Financing Team, AlpiqRomenergie (formerly EHOL Distribution, part of Energy Holdingbought by the Swiss at Apliq) and Alpiq Romindustries (formerlyBuzmann Industries).
"In the first half of 2010 the lost earnings amounted to 100 to300 million lei (24 to 71 million euros). These are just lossesfrom direct contracts," said the representative of FP, which holds20% in Hidroelectrica.
Hidroelectrica representatives had not commented on the figuresprovided by FP by edition close. At the beginning of the 2000s, thestate-owned company sealed a series of long-term direct contracts,some of which were extended last year until 2018, at much lowerprices than those paid on the OPCOM energy exchange. On the otherhand, Hidroelectrica representatives recently said OPCOM was not areference because of the low volume of trading, with the company'spolicy being the only one that can ensure low prices forindividuals and the functioning of the free energy market.
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