OPCOM

©THE HEREN REPORTS - Romania�s Petrom to enter power sector in 2010 with new CCGT

2010-04-06

Romanian oil incumbent Petrom announced on Monday (18th June) that it plans to build an 860 MW CCGT in Romania for the end of 2010. This will be the company’s first venture into the power market, and is expected to cost around EUR 500 million, including infrastructure investments. The plant is to be built on the site of the Petrobrazi refinery and around 20% of its capacity would be used to supply this site, while the rest would be sold to the grid. The decision was taken in a board meeting held on Friday (15th June). Werner Schinhan, deputy c.e.o. of Petrom, said in a statement: “The power market will be subject to major structural changes, especially in those countries where aged capacities are to be replaced by new, cleaner less carbon-intense technologies … This project sets the strategic growth path of Petrom and OMV Group as it is one of the company’s sources of diversification and sustainable development.” Most of Romania’s capacity is thermal, accounting for 59.6% of the 57,4 TWh generated in 2006, while hydropower accounted for 31.4% and nuclear 9.0%. The second 700 MW unit of the Cernavoda nuclear plant is to be commercially available for the second half of the year, which should increase generation capacity by around 9%. State gas incumbent Romgaz and Petrom account for 98% of Romania’s domestic production of natural gas combined, which continues to account for a large portion of Romania’s supply. Austria’s OMV acquired a 51% stake in Petrom in 2006. (THE HEREN REPORTS - EDEM 11116 / 18 June 2007)

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