Starting May 29, Hidroserv has a new special administrator, Mr. Valeriu Băbău, who replaces Ion Adrian Moldoveanu just one month after his appointment. Ion Adrian Moldoveanu replaced in late April Marian Corneliu Sandu, head of the Hidroelectrica Maintenance Reception Service, revoked following the parties’ agreement.

Hidroserv is 100% owned by Hidroelectrica, and is insolvent since October 2016.

In a statement for energynomics.ro, Hidroelectrica’s general manager, Ovidiu Agliceru, reaffirmed his conviction that Hidroserv has all the chances to survive and to benefit from a reorganization plan. “Valeriu Băbău has worked for 30 years in the exploitation and repairing business and, over the past two months, he has done a complete analysis of the Hidroserv situation. Therefore, he has the professional experience and the necessary competence to make the activity more efficient,” Ovidiu Agliceru said.

The general manager of Hidroelectrica added that Hidroserv will benefit from the support of the parent company. “We proposed in the budget submitted to the shareholders’ a contribution to the capital of Hidroserv amounting to 20 million lei, this year, for financing of the restructuring process”.

Last year, the Hidroelectrica maintenance subsidiary’s losses increased 4 times compared to 2015, rising from 10.1 to 46 million lei. In the first two months of 2017, Hidroserv has lost 9.3 million lei. The company’s turnover declined by 31% in 2016, from 170.6m to 117.9 million lei.

“As a sole shareholder, we analyze and take the necessary decisions. In 2016, we had contracted two million hours of work with Hidroserv and they rendered 1.1 million. Be it that Hidroserv would have provided all the two million hours of work contracted, they’d have had 4 million lei profit, no loss, at the end of last year”, explained Ovidiu Agliceru for energynomics.ro.