Bank of America to assist Electrica

Bank of America will provide consulting services for privatising power producers and distributors Electrica Moldova and Electrica Oltenia, Doru Laurian Badulescu, head of the Office for State’s Interests and Industrial Privatisation (OPSPI) said. “The European Union has informed us about the winner of the consultancy contract for the two companies, which is Bank of America,” Badulescu explained. The fixed component of the consultant’s fee is covered by an EU Phare programme. The other companies and consortia that competed to provide consulting for Electrica Moldova and Electrica Oltenia include ABN Amro Rothschild and HSBC Investment Bank (UK), Austria Creditanstalt Investment Bank (CAIB) and Commerzbank (Germany). Electrica was split into eight regional electricity distribution branches and eight energy service divisions early last year. Two of the branches, Electrica Banat and Electrica Dobrogea have already been put up for privatisation, with the deadline for bids set for February 28. ZF