Lucian Silviu Boghiu, former general manager of state-run Electrica, is back at the forefront of the energy market, as the company he founded has now reached 60 million-dollars (50 million euros) business in 2005, 11 times more than in the previous year.
Boghiu, 50, has become an important player in the trade in electrical power in just a year and a half, and has also branched out into real estate this year.
Enol Grup, a company controlled by Boghiu who has 96% ownership, won a contract to supply electricity to Cora hypermarkets for one year.
Enol Grup, established in September 2004 has seen business grow rapidly against the deregulation of the energy market, which means more and more private companies in the industrial or commercial sector may now choose their supplier.
"We will deliver about 100GWh to Cora over one year. Their stores use quite a lot of power. Enol Grup has several private customers in its portfolio," Lucian Silviu Boghiu told ZIARUL FINANCIAR.
The value of the contract between Boghiu and the Cora hypermarkets revolves around 4-5 million euros, according to estimates of energy market experts.
Romania Hypermarche SRL currently operates two Cora hypermarkets in Bucharest.
Cora officials did not comment on this issue.
"In 2005, Enol Grup posted an estimated 60 million-dollar turnover and a gross profit margin of 9.6%.
"We delivered power from the hydro and thermoelectric power segments of the market to our clients last year. We are a competitor of Energy Holding, though they started on this road sooner," Boghiu says.
The Enol Grup posted 4.6 million-euro turnover in 2004 and 877,000-euro profit.
Boghiu adds that Enol Grup is also carrying out operations on the Energy Market in Bucharest, as well as in the field of "community services", where it seeks to provide private management to homeowners associations to help them reduce residential power consumption. Boghiu is charged in the Electrica Banat case along with other managers and employees of the state-run company, of involvement in the scandal where counterfeit electrical equipment under the Siemens brand was delivered to Electrica''s units.
Lucian Boghiu was appointed general manager of Conel (the former National Electricity Company) in 1999, and was general manager of Electrica SA as of 2001, one of the largest state-run companies. He handed in his resignation in July 2004, only days before the signing of the first privatisation contract for Electrica branches with the Italians at Enel. Boghiu was then replaced by Nicolae Coroiu, the current Electrica boss.
Boghiu entered the residential projects market this year, one of the most prosperous investment opportunities on the local market at the moment.
Enol Grup Invest, held 97% by Enol Grup SA, launched a 15 million-euro project in Cluj this month, with funding provided by loans taken out from Raiffeisen.
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