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The coal and electricity poroducer Complexul Energetic Oltenia (CEO) on Wednesday failed to sell energy of 90.67 million lei (20 million euros) on the OPCOM exchange, due to for lack of demand.

The company tried to sell via 16 auctions a quantity of 518,200 MWh of electricity, at a cost of 175 lei per MWh.

From the beginning of the month, several attempts of certain energy producers to sell on OPCOM have failed due to lack of bidders, although asking prices were lower, of 170 lei and 155 lei per MWh, according to Mediafax.

In January, CEO tried to sell electricity in the amount of 60.33 million euros, but all without success.

CEO has 13 energy groups, comprising an installed capacity of 3,900 MW. The state owns, through the Department of Energy, 77% of the company, and Fondul Proprietatea has a stake of 21.5%.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.