The last of the electricity distribution and supplying companies held by Electrica, as well as the major energy complexes, will be put up for privatisation from the second half of this year.
"We want to finish privatisation of electricity distribution this year," stated the Minister of Economy and Finance Varujan Vosganian. Electrica's portfolio currently comprises three electricity distributors: Electrica Muntenia Nord, Electrica Transilvania Sud and Electrica Transilvania Nord. As for the completion of privatisation procedures for Electrica Muntenia Sud, the representatives of AVAS stated that the share transfer to the Italian energy group Enel had until July 17, 2007 to be completed. If the transfer is not completed by this date, the privatisation process of the most valuable electricity distribution company will take place again.
The three energy complexes, Turceni, Craiova and Rovinari are now the main thermoelectric power producers.
"As far as the thermoelectric sector is concerned, privatisation is the only solution to attract investment. The state does not have enough funds to bring the thermoelectric sector up to the required standards. The sector needs funds of 8 to 10 billion euros," Vosganian added.
With reference to Termoelectrica, Vosganian specified a solution for reorganisation would be chosen at the end of May, after the completion of the national energy strategy. However, the Minister does not like the idea of putting Hidroelectrica and Termoelectrica under the same umbrella.
"We tried a legal formula that would not encumber Hidroelectrica, and would help (the two companies) assist each other. I don't want a formula that affects Hidroelectrica," states Vosganian.
In order to attract investment, the minister is also considering raising money from the capital market, which would put representatives of private interests on the board of directors of the companies in the Ministry's portfolio.
"This might prove to be extremely useful for improving the management in our companies," Vosganian added. The companies being considered for this procedure are Transgaz, Nuclearelectrica, Hidroelectrica and Romgaz.
Commenting on the recent scandal in the energy sector, the Minister has reservations about the resolutions of investigations conducted by the Prosecutor's Office.
According to the prosecutors, the people involved in the case are being charged with undermining the national economy, with plotting and associating with a view to committing crimes.
The management of Hidroelectrica, the former Minister of Economy and Trade Codrut Seres, the National Energy Regulatory Authority (ANRE) chairman Nicolae Opris, as well as other people part of the Hidroelectrica management are being charged in this case.
Vosganian says that accepting the resolution entails admitting the fact that the energy system has been and still is in grave danger, which would implicitly lead to dismissing or suspending those people part of the Hidroelectrica management involved.
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