The Bucharest Court of Appeal ruled in favor of Euro Insol in the application of Energy Holding, a trader that requested compensation from Hidroelectrica for termination of the sale of energy agreement, according to a press release from the Euro Insol, former trustee of the energy producer. Thus, through the civil decision no. 29 issued on Thursday, 26.01.2017 for the file 22062/3/2013 the Bucharest Court of Appeal dismissed irrevocably the damages action through which Energy Holding requested from Hidroelectrica the amount of 1.193 billion lei (250 million euros).

After the entering in insolvency of Hidroelectrica, the insolvency trustee Euro Insol denounced the electricity sale agreement no. 33CE / 14.01.2004 concluded between Hidroelectrica and Energy Holding. The trader Energy Holding challenged in court the denunciation, and the appeal was irrevocably rejected in the file 29713/3/2012, says the release.

According to the Euro Insol company representatives, the ongoing agreement 33CE / 14.01.2004 concluded with Energy Holding has meant for Hidroelectrica a 1.44 billion lei loss, during 2006 – 31 May 2012.

At the opening of the insolvency proceedings in June 2012, Hidroelectrica was the most indebted company in Romania, with debts of 4.3 billion lei, a record loss of 170 million euros accumulated oveer the years 2011-2012, and a minus of 763 million lei in cash, recalls the release.