Bucharest Court ruled in favor of Euro Insol and Hidroelectrica regarding the request made by Energy Holding, through which the trader seek compensation from the energy producer for the denunciation of selling energy contract made by the insolvency administrator.
The tribunal also rejected, by previous sentences, the actions for damages brought by other energy traders: Alpiq Romenergie and Alpiq Romindustries.
After Hidroelectrica’s entering into insolvency, the judicial administrator denounced the selling energy contract signed in January 2004 between Hidroelectrica and Energy Holding.
According to Euro Insol, the contract in progress with Energy Holding has meant losses of over RON 1.441 billion for Hidroelectrica during 2006 – May 31, 2012.
At the opening of insolvency proceedings in June 2012, Hidroelectrica was the most indebted company in Romania, with record debts of RON 4.3 billion, losses of EUR 170 million accumulated in 2011-2012 and a deficit in treasury of RON 763 million.
Only from the release of the amount of energy within the Hidro-Energy Holding contract, there were generated additional revenues of over RON 600 million for Hidroelectrica in four years (August 2012 – August 2016).
Romanian state-controlled hydropower producer Hidroelectrica recorded a gross profit of RON 1,100,083,000 (approx. EUR 245 million) in 2015 and a turnover of RON 3,188,692,000 (approx. EUR 709 million).