The shareholders of the energy producer Hidroelectrica, one of the most profitable state-owned company, have appointed two new members to the Supervisory Board: the former Ministry of Communications, Karoly Borbely, currently the Director of Strategy in the company and Radu Spiridon Cojocaru, member of the Supervisory Board at OMV Petrom.
Their mandates are temporary and will expire on August 19th, according to a document published on the company website. They are replacing Liviu Dorin Gheorghe Nistoran and George Gabriel, who resigned. Also, Oana Truţă was provisionally re-elected as a member in the Supervisory Board from Fondul Proprietatea.
Karoly Borbely is currently Hidroelectrica’s Director of Strategy. Between January 2010 and May 2012 he was Secretary of State in the Ministry of Economy, Trade and Business Environment and, in 2014, in the Energy Department, according to news.ro. Starting December 2007 until December 2008, he was the Minister of Communications and Information Technology, and, previously, between February 2005 and December 2007, he was the President of the National Authority for Youth.
Radu Cojocaru, member of ALDE, was a member of the Liberal Party between 1996-2000 and a member of the Committee for Economic Policy, Reform and Privatization. He was a member of the Presidential Committee in the Romanian Country Programme between 2016-2017. Cojocaru was appointed as member of the Supervisory Board of OMV Petrom in April this year, at the proposal of the Ministry of Energy.
The Hidrosind Union, which represents only a part of Hidroelectrica’s employees, argued on Monday that the act of management at the top of the society is completely blocked by the management team is only provisional, and the power supply to the Romanian population should become a subject of discussion in the Supreme Council of National Defence (CSAT). „The consequences of this lack of management decission, in the the circumstances previously mentioned, are even more serious.”
The Union representatives stated that none of the shareholders in the Supervisory Board of Hidroelectrica has been selected according to GEO 109/2011, and have all been appointed provisionally, the same situation applying to the members of the directorate.
Hidroelectrica is one of the most profitable state owned companies and one of the largest energy producers in the country. The majority shareholder is the Ministry of Economy. Hidroelectrica has recorded a gross profit of of 743.7 million lei in the first five months of 2017, 154.6 million lei more than in the same period last year, which represents an increase of 26%. The turnover in the first five months of this year was 1.436 billion lei, compared to 1.296 billion lei in the same period last year, thus recording an increase with 11%.
The production in the first 5 months of the year was approximately 6.5 TWh, compared to 7 TWh made in the same period of 2016.