Economics

Union Fenosa is trying to speculate on devaluation of national currency

Tuesday, February 23, 2010 11:02 AM
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Energy Regulatory Agency wasn’t able to confirm the information provided by the management of “Red Union Fenosa“, according to which the company’s losses could be caused by the devaluation of national currency.

According to ERA, “Union Fenosa“ procures the electricity from the Kuciurgan power plant via the state enterprise “Energocom“ exclusively in national currency, in Moldovan lei.

On Monday the executive President of “Red Union Fenosa“, Silvia Radu, has stated to media that MDL devaluation already caused substantial losses to the company. According to the declaration of the leader of “Red Union Fenosa“, which were made on Monday during a press conference, the company lost just in this year 60-70 mln lei as result of MDL devaluation.

Contacted by the agency, the representative of Public Relations Service from Union Fenosa, Vasile Gribincea, confirmed on Tuesday that “Union Fenosa pays for the electricity to Kuciurgan via the state enterprise “Energocom“ in MDL, at the NBM exchange rate for USD, since the electricity supply is established in USD“. At the same time, Gribincea acknowledged that the procurement price was converted and established in MDL for the term of contract signed at the beginning of 2009, which, according to the UF spokesman, expires just on 31st of March 2010.

Recently, by a decision taken on this January 14, the Energy Regulatory Agency has increased by over 20% the tariff on electricity provided by “Red Union Fenosa“ (from 1.1 lei to 1.33 lei for one kW/h).

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