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Crețu: Elcen will emerge from insolvency and merge with Termoenergetica

19 May 2021

Electrocentrale Bucureşti (Elcen) will certainly come out of insolvency this year and, if there is a will from the Capital City Hall, it will be able to merge with Termoenergetica, said Claudiu Creţu, special administrator of Elcen.

He attended the launch conference of the study “Hydrogen – a new chapter of the energy transition”, conducted by the Intelligent Energy Association (AEI).

“Termoenergetica currently has around 350 million lei of current debt due to Elcen. Elcen’s objective is to collect these due debts as soon as possible. We estimate that, in the next period, with the support of the Capital City Hall, this will happen. We know that the Capital’s budget was approved recently, with delays, which contributed to this situation,” Cretu was quoted as saying by Agerpres.

Asked if he would sue for Termoenergetica’s insolvency, he said he was looking into all legal options, but insolvency was the last resort, because Elcen would have nothing to gain from the move.

“Our goal is to collect all the bills on time, in order to have the necessary capital for repairs and investments,” said the representative of the heat producer.

The integration process could take six months, Cretu added.

“As long as there is administrative coherence and clear deadlines, if there is will and funding from Bucharest City Hall, by the end of the year we could have an integrated system out of insolvency, which can absorb European funds for production, transport and distribution,” said he.

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