Moldova : Electricity tariffs to be reviewed by regulator to reflect real costs

The European Bank for Reconstruction and Development (EBRD) welcomes the new agreement between the Moldovan government and the largest privately owned electricity distributor in the country, a local subsidiary of Spanish energy group Gas Natural Fenosa.

The agreement acknowledges the electricity tariff deficit accumulated until 2015 due to national currency depreciation and sets a recovery period from 1 January 2017 to 31 December 2020.

Dimitri Gvindadze, Head of EBRD Office in Chisinau, said: “I am pleased with the progress in reaching agreement between the government and a major foreign investor in the country. Implementation of this arrangement will represent a welcome sign of what we hope is an effort to improve the business environment in Moldova.”

Gas Natural Fenosa has been operating in Moldova since 2000 and provides electricity to over 860,000 customers in the central and southern regions of the country, including the capital Chișinău.

The EBRD was a shareholder in Gas Natural Fenosa’s Moldovan subsidiary, previously known as RED Union Fenosa, between 2000 and 2011. To date it has supported the company with US$ 42 million in both debt and equity financing. The Bank remains a creditor.

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