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Moldovan government approved the assignment of a part of Termoelectrica's debt to Moldovagaz (1 billion 330 million 621.6 thousand lei) to Energocom and the transfer of this money to Moldovagaz to pay off the debt.

Moldovan government approved the assignment of a part of Termoelectrica's debt to Moldovagaz (1 billion 330 million 621.6 thousand lei) to Energocom and the transfer of this money to Moldovagaz to pay off the debt.

The Cabinet of Ministers at a meeting on Friday adopted the corresponding decision while approving the resolution on the allocation of funds and the conclusion of the transaction. As Prime Minister Natalia Gavrilita noted, this decision will help solve two problems at once. First of all, uninterrupted supplies of natural gas to the country will be maintained, taking into account Gazprom's ultimatum on the possible termination of gas supplies in case of non-payment for the gas consumed in October and failure to make a 50% advance payment for November. In addition, a part of the historical gas debt of Termoelectrica to Moldovagaz will be reduced, which was confirmed in court (there are decisions on compulsory debt collection). These debts were formed back in 2002-2008 due to non-payment by Termoelectrica for the gas supplied by Moldovagaz. Natalia Gavrilita explained that the government could not transfer money to pay off the debt to Moldovagaz directly to Termoelectrica, since this company has a lot of debts, but now it was important to pay off precisely those confirmed debts for which there are court decisions. According to the government decree, the Ministry of Finance, at the request of the Public Property Agency, will transfer 1 billion 393 million 783.5 thousand lei to Energocom from the funds provided in the state budget for 2021 to increase the authorized capital of the company. The Public Property Agency, through the Energocom management bodies, will ensure: an additional closed issue of shares worth 1 billion 393 million 784 thousand lei and will register it in accordance with the established procedure; will initiate negotiations and will conclude an agreement between Moldovagaz and Energocom on the assignment of Termoelectrica's debt to Moldovagaz totaling 1 billion 330 million 621.6 thousand lei; will decide to conclude a major deal on the assignment to Energocom of the corresponding receivables belonging to Moldovagaz, with Energocom paying the Moldovagaz this amount in Moldovan lei (MDL). Termoelectrica will be notified of the assignment of claims thereto and an agreement will be signed between Energocom and Termoelectrica containing a schedule for the repayment of the debt. Deputy Prime Minister, Minister of Infrastructure and Regional Development Andrei Spinu recalled that against the background of the regional gas crisis and a sharp increase in the purchase price for gas, Moldovagaz has a cash gap, a shortage of working capital, and immediate actions are needed to restore the payment capacity of Moldovagaz to ensure uninterrupted gas supplies. “On the one hand, we will ensure payments for the current gas consumption in October and make an advance for November, and on the other, we will reduce Termoelectrica's debt to Moldovagaz, given that this is a strategically important enterprise for the country and we need to get rid of its debts. Energocom and Termoelectrica will sign an agreement with a debt repayment schedule, and Energocom will then receive money from Termoelectrica, which remains in debt, but its owner simply changes. Considering that Energocom buys electricity from Termoelectrica, the debt can be repaid, including through supplies of electricity. Under good management, the money will return to the budget through Energocom,” stressed Andrei Spinu. He also noted that the measures taken by the government are not a classic assistance to the state-owned company, since Termoelectrica still has debts, only its owner changes, and Energocom will then receive money to pay off the debt and strengthen its ability to intervene in crisis situations and ensure Moldova’s energy security. // 26.11.2021 – InfoMarket

News on the subject

Proceeds from the Moldovan HPP’s sales for 9 months 2021 amounted to 10 billion 423 million Russian rubles ($140.2 million at the current exchange rate of the Central Bank of the Russian Federation), up 12.7% compared to the same period in 2020.
Proceeds from the Moldovan HPP’s sales for 9 months 2021 amounted to 10 billion 423 million Russian rubles ($140.2 million at the current exchange rate of the Central Bank of the Russian Federation), up 12.7% compared to the same period in 2020.
As an exception, Gazprom agreed to the request of the Moldovan government not to stop gas supplies to the country from today and to wait until November 26 to pay off the debt.
As an exception, Gazprom agreed to the request of the Moldovan government not to stop gas supplies to the country from today and to wait until November 26 to pay off the debt.
If ANRE reduces the gas tariff for household consumers of Moldova from December 1 from 11.08 lei to 8.81 lei per 1 cubic meter, then in January it can grow to 13 lei - Andrei Spinu.
If ANRE reduces the gas tariff for household consumers of Moldova from December 1 from 11.08 lei to 8.81 lei per 1 cubic meter, then in January it can grow to 13 lei - Andrei Spinu.
ANRE approved a preliminary 57.9% increase in the heat tariff in Chisinau - up to 1,772 lei per 1 gigacalorie, and in Balti - 42.8% increase - up to 1,742 lei per 1 gigacalorie.
ANRE approved a preliminary 57.9% increase in the heat tariff in Chisinau - up to 1,772 lei per 1 gigacalorie, and in Balti - 42.8% increase - up to 1,742 lei per 1 gigacalorie.
Moldovagaz has to undergo a serious audit and an analysis of the feasibility of its costs for many years - Maia Sandu.
Moldovagaz has to undergo a serious audit and an analysis of the feasibility of its costs for many years - Maia Sandu.
ANRE has calculated new gas tariffs for consumers taking into account the lower average purchase price of fuel at the level of $307.9 per 1,000 cubic meters.
ANRE has calculated new gas tariffs for consumers taking into account the lower average purchase price of fuel at the level of $307.9 per 1,000 cubic meters.