Hunedoara Energy Complex’ insolvency complicates a major investment of Romgaz

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The insolvency of the coal-fired energy producer Hunedoara Energy Complex (CEH), wholly owned by the Romanian state through the Ministry of Economy, may create difficulties for a major investment project of another state-controlled company, Romgaz, according to an official document quoted by Profit.ro.

According to the quoted source, in the first part of April, Romgaz, in which the Ministry of Economy holds over 70% of the shares, requested a meeting with the CEH management to discuss the issues related to Romgaz’s intention to buy from the Complex a land of about 7.2 hectares located in Mintia, to build a new combined cycle gas power plant with an installed capacity of over 400 MW.

The Mintia power plant is one of Romgaz’s most important and advanced investment projects, with the feasibility study already completed and the possibility of accessing resources for implementation through the EU Energy Modernization Fund. The total value of the investment is estimated at about 300 million euro.

In reply, the judicial administrator of the Hunedoara Energy Complex informed Romgaz that the sale of the land “can be done only under the conditions approved by the creditors’ committee, according to the provisions of art. 87, paragraph (2) of Law no. 85/2014 (Insolvency Law )”. The CEH creditors’ committee consists of the Administration of the Environmental Fund, ANAF – General Directorate for the Administration of Large Taxpayers, the Mureș Water Basin Administration, Hidroelectrica and the National Mine Closure Company Valea Jiului.

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