Termoelectrica announces 37m-euro losses

State-owned electricity producer Termoelectrica closed 2005 with gross losses worth 37.6 million euros (135.5 million RON), over two times more than in 2004, when the company posted losses worth 17.5 million euros (71.2 million RON). Termoelectrica’s turnover reached 111.5 million euros (401.6 million RON) at the end of last year, a 6% drop against the previous year, according to data published in the Official Gazette. Termoelectrica, once the biggest electrical and thermal power producer, has accumulated 1.2 billion euros in debt since it was set up, which makes it one of the most expensive electrical power producers, with a market share of no more than 1.5%. In May of this year, The Office for State Interests and Industrial Privatisation sent to the Competition Council a notification regarding the striking off of part of the historical debt accrued by the electricity and thermal power producer. It has also sent the Council a proposition for a long-term plan to turn the company around.