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Romanian thermal power company Termoelectrica to ink accord with EBRD for EUR 450,000 grant in April

The state-controlled thermal power company Termoelectrica and the European Bank for Reconstruction and Development (EBRD) will sign an agreement for a 450,000 euro grant (non-refundable loan) in April to complete some feasibility studies, the company announced.

The amount will be divided between two feasibility studies, one swallowing 150,000 euros, meant to estimate the capacity of a new energetic group that would be able to sell energy on the free market and that will use the coals produced in the Doicesti area, located in the county of Dambovita. The other study will address the capacity of a new group using the Deva and Paroseni thermal plants and the coal produced in Valea Jiului.

EBRD and Termoelectrica will choose the consultancy company that will carry out the studies in April. The next step is drawing investors by the joint-venture principle, the same as with the Braila, Galati and Borzesti projects.

Termoelectrica officials mentioned that the energy to be produced in the new facilities at Deva, Paroseni and Doicesti has to be sold on the free energy market or else the projects will not be viable.

Termoelectrica witnessed losses of more than 164 million lei in the first nine months of 2008 because of the record debts it has to pay. The company gained some 70.8 million lei in the first three quarters of last year from exploitation works, but had debts amounting to 211.1 million lei, so it made no profit.

In 2007, the company had a net profit of 705.4 million lei. Revenues stood at 2.18 billion lei, yet expenses climbed to 1.47 billion lei.

Termoelectrica produces electricity by burning fossil fuels (coal) and hydrocarbons (gas and crude oil).

 

Sursa: http://www.newsin.ro

Tags: april thermal termoelectrica company euro

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