Repower buys electricity trader Elecomex

Repower, a Swiss group with over one billion euros in business, bought 80% in electricity trader Elcomex EN, held by Constanta-based businessman Ion Grecu. Little is known about Ion Grecu, the chairman of the Elcomex group, which includes Elcomex EN, with the Constanta press saying that he is one of the richest Romanians in the seaside region, who has multiple contracts in progress with the Cernavoda nuclear plant and who also enjoys a lot of political support.
Elcomex EN got the licence to supply electricity in 2004 and has taken a spectacular leap since then, moving from a little over 20,000 euros in business to some 70 million euros. Private electricity suppliers emerged after the deregulation of the electrical power market, and serve as intermediaries between producers and end electricity consumers. The fast-paced development of such companies was helped by the very good contracts they signed with state-owned producers at the beginning of the 2000s.
Petprod, another electricity trader, controlled by businessman Jack Cutisteanu, has managed to seal a number of contracts since the beginning of the year after having lost a major client last year, that is the ArcelorMittal Galati plant.