Romania to transfer ownership of grid operators to avoid infringement.

By bne IntelliNews March 19, 2013
The Romanian government will transfer the ownership of majority stakes in power and natural gas grid operators Transelectrica and Transgaz from the economy ministry to the finance ministry in order to separate the ownership of the production/supply activities from the grid management and meet the requirements of the Directive 2009/72/CE, according to a draft cabinet decision published by the finance ministry. The ownership separation is needed in order to avoid an EC infringement procedure on the issue. The ownership transfer, however, will not prevent the reforms carried out at the two companies under Romania's stand-by agreement with the IMF. The finance ministry will continue the on-going procedures for an appointment of new management at the two companies. The government has obliged to carry out 15% public offerings in each of the two utilities under its stand-by deal with the IMF. The offering at Transelectrica was carried in 2012, but the one at Transgaz was postponed for 2013 - most likely to be completed by the end of April. The Romanian state holds 56% in Transelectrica and 73.5% in Transgaz. The shares of both companies are listed on the stock exchange.

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