Electrica and Hidroenergetica, the two companies through whichthe government is trying to sweepingly reshuffle the energygeneration system, may have a market value of more than 4 billioneuros and 3.5 billion euros respectively, according to the 100 mostvaluable companies of Romania ranking ZF annually draws up togetherwith Capital Partners investment house.
This is the biggest energy business of the past 10 years and therestructuring process will completely change the domestic energymarket for the next decades. The question that arises, though, iswhether calculations on paper are enough to truly generate"regional champions" in the field of energy, or whether, lacking aprofessional management, the companies will be operating as"gauchely" as they have so far.
Electrica's turnover will top 2bn euros, while Hidroenergeticais likely to reach turnover worth above 1.7bn euros. Overall, thetwo companies have above 40,000 employees. With these marketvalues, the energy giants can leave behind companies such asPetrom, Orange or Vodafone that have dominated for years theranking of Romania's most valuable companies.
The project for the reorganisation of the energy system hasalready been approved by the Country's Supreme Defence Council, theGovernment, and the decision was published in the OfficialGazette.
Through this move, Romania is trying to catch up with othercountries that have built national champions, have run them welland have managed to turn them into regional players.
The most quoted example is that of Czech CEZ, a model Bucharestauthorities have been trying to copy for several years. The twocompanies need investments worth billions of euros, several hundredpeople will be made redundant, and the regional ambitions of thetwo giants are likely to start being felt as late as 2012.
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