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| THE ENERGY COMPANY, PROS AND CONS 10/10/2008 |
| (2008-10-10) |
| Last updated: 2008-10-11 16:30 EET |
The government in Bucharest issued an emergency ordinance on Wednesday, authorizing the creation of a national holding. Just like all governments in Europe, the Romanian government took this decision to stave off the risks of an energy crisis and a further increase in the prices of imported gas and oil. What has been created under the heading the Energy Company includes operators the state has not yet privatized. Pundits were eager to translate that, saying it didn’t mean much, more precisely Electrica and Hydroelectrica companies and the energy compounds in Rovinari and Turceni (Center and South, respectively).
Yet the newly created holding will not include the Transelectrica transport operator, another energy company which is still state-run. The new company’s name will be Electrica; it is designed to have a total operational capacity of 10,000 megawatts and will be listed on the stock market. The initiator of the ordinance, president of the Authority for State Assets Recovery, Teodor Atanasiu, said the stake for such an undertaking was twofold: one hand, the creation of a feasible economic actor, accounting for nearly 50% of the production capacity. On the other hand, the reduction of the energy price for consumers, through the creation of real competition on the energy market. Teodor Atanasiu.
"Not only will prices not go up, but stakeholders will stay in competition with the other producers, including the two energy compounds. In exchange, I will ask them to renegotiate fixed price contracts, as we still need contracts setting annual prices, according to annual price-fixing criteria, probably on the basis of the European energy indicator, calculated on a yearly basis.”
Both the European Commission and the Romanian opposition and media have criticized Atanasiu’s invention, which is now certified by Prime Minister Calin Popescu Tariceanu’s ordinance. In turn, trade unionists from Hydroelectrica announced they would mount protests and will file a lawsuit against the government’s decision to set up the national energy company. Trade union leader Ilie Rosu.
“They speak about competitiveness, but it is the very competition that disappears, so prices cannot possibly go down, they will go up, and that’s for sure. Then they keep speaking about attracting emergency funds for environment investments, and retechnologization. It is ludicrous to think that a new company, big as it may be, can attract investment funds. Hydroelectrica’s and the energy compounds’ reliability will be affected.”
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