HPP Iron Gates II revitalized at exaggerated price – Romania, 13 July 2016

The head of insolvency company Euro Insol and current manager of the Romanian electricity producer Hidroelectrica Remus Borza said that HPP Iron Gates II (Djerdap) was revitalized at a price 12 times higher than HPP Lotru-Ciunget.
Borza said that the authorities are currently investigating two contracts worth over 500 million euros which started 15 years ago and include the revitalization of HPP Iron Gates II on Danube. He said that Hidroelectrica lost over one billion euros by awarding these contracts directly, rather than through public tenders.

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