Gabriel Dumitrascu will be Hidroelectrica’s new administrator

Newsroom 28/02/2014 | 14:42

OPSPI’s current chief is the State’s proposal for the position of Hidroelectrica administrator and he will be mandated to remove the state company from insolvency and assure its IPO in June.

Remus Borza, Hidroelectrica’s judiciary administrator, confirmed the nominations for Hotnews. Hidroelectrica’s shareholders will meet today and make the proposal official. More than likely, Dumitrascu will be able to maintain his position at the head of the Privatization Office.

Dumitrascu is the man responsible for listing several state companies on the stock market. As Hidroelectrica’s administrator he will also have to draft a restructuring plan. Borza also said that Hidroelectrica is going to go through a period of “reform and increase in efficiency”.

“We will get Hidroelectrica out of insolvency as soon as possible and also implement our restructuring plans. (…) We’re going to eliminate projects and investments that have nothing to do with energy production”, Gabriel Dumitrascu said on Wednesday.

The hydroelectricity producer reentered insolvency after the Bucharest Appeal Court admitted the appeals of energy traders Alpiw, Energy Holding and EFT but also Andritz Hydro, Alro, Elsid Titu.

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