CE Rovinari expects to spend €24 mln for emission rights in 2009

This year, the company registered a deficit of some 1.3 million carbon dioxide emission certificates, which are worth at least €33 mln, considering a €25-30 price per certificate.  

“We made provisions for only RON 30 million (€8.2 mln) in 2008, because we require large investments to fall in line with environmental regulations. We will try to buy some 300,000 tons of carbon dioxide emission certificates, holding off on the remainder for 2009,” Laurentiu Ciurel, General Manager of CE Rovinari, told Business Standard.

According to Ciurel, for the 2008-2012 period, CE Rovinari received certificates for covering an annual 4.8 million MWh production, considering the company will produce over 6 million MWh.

“If Romania loses the lawsuit against the European Commission regarding emission rights, there may be an internal redistribution, because some companies are over-allocated,” Ciurel added.

CE Rovinari needs over €500 mln in investments to comply with environmental regulations by 2016, considering the price of financing has increased due to the financial crisis.   

The company expects major effects of the economic crisis next year, such as a cut in production and a decrease in the industrial activity and revenues, due to a possible drop in the price of electricity.