Listing of energy companies could increase states budget by EUR 1.5 bln

Publish date: 22-02-2007
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Bucharest - Energy sector requires major investments in the following years and the listing of Nuclearelectrica, Hidroelectrica and Romgaz could bring this money.

“I believe that the listing of these companies could bring us EUR 1.5 bln,” Varujan Vosganian (see photo) said Wednesday to a seminar on energy issues organized by the newspaper ‘Gandul.’

The Minister stated Wednesday that the transfer of the companies from the portfolio of the Ministery of Economy and Commerce (MEC) to the Authority of State’s Assets Capitalization (ASAC) is delayed creating an ambiguous situation for companies.

“I told the companies that will go under the authority of ASAC to consider that they are still coordinated by MEC, because we can not draw up an energy strategy with companies that we can not command,” Vosganian stated yesterday. The Minister considers that the Parliament could come up with a solution for this situation.

Transgaz will be listed to Bucharest Stock Exchange (BSE) this year by an initial public offer and the stocks of Hidroelectrica, Nuclearelectrica and Romgaz will be transacted on the capital market in 2008 according to minister’s declarations.

The nuclear reactors III and IV from Cernavoda require investments of EUR 1.5 bln which will be covered by bond issuing. The operation of the second nuclear reactor from Cernavoda, which will be exploited from autumn, could double the exports of electricity by Romania. The quantities of exported energy could rise to 15-16 per cent from the production as against 8-10 per cent in the past two years Vosganian told also a press conference in Petrosani on Tuesday.

The Minister mentioned that the rate of exports could grow to 20 per cent and the imports could represent 4 per cent. This year the price of electricity will surpass the inflation rate by 2 per cent, while the natural gas price will remain within the inflation limits. Vosganian made the announcement on Wednesday, as quoted by news TV stations. Previous estimates presented increases under 8 per cent of utilities prices, reads HotNews sources.

For the intermediation of the initial public offer, before the listing to BSE of Transgaz, several companies presented offers in September 2006. BCR Securities in collaboration with CA IB, the union of BRD Securities and EFG Eurobank Securities, Raiffeisen Capital & Investment, a consortium managed by BT Securities SA Cluj-Napoca as well as the intermediation union composed by SSIF Broker SA Cluj- Napoca, HTI Mobile Asssets and Delta Mobile Assets presented public offers. The company that will come with the best offer in technical and economic terms will complete the intermediation contract.

The Minister of Economy and Commerce owns 85 per cent of the social capital of Transgaz that accounts for RON 103, 83 M. The Property Fund received a package of 15 per cent of these shares. This is the second tender organized by Transgaz for listing to the Stock after the cancellation of the first one in 2005.

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