Romania: Energy trader files for insolvency

Local energy trader Transenergo Com, owned by local family of investors Coman, has recently asked for its insolvency.

Its demand was recorded by the Bucharest Court on January 17 and the first hearing will take place on January 25, reports local Ziarul Financiar.

The company had a turnover of RON 1.4 billion (EUR 311 million) and a net profit of EUR 1.5 million last year. It was one of the largest traders on Romania’s energy market.

Talks on the company’s possible insolvency began one month ago. The energy market recently exploded due to the energy consumption boost triggered by the extreme cold. This has determined massive increase in energy prices.

According to information from the energy market, several energy traders are now experiencing problems. They were expecting low energy prices and made agreements based on that, and can’t now comply with the obligations.

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