510
G. Romanescu and I. Minea
Romania for the year 2020, is to get 24% of the energy from renewable sources [47].
The hydrological deficit that Hidroelectrica S.A. had to face in the year 2011 and
2012 entailed a severe drop in the production capacity: 13 TWh, is comparable to
the historic minimum recorded in the year 2003. Prolonged drought inevitably led
to the insolvency of Hidroelectrica S.A. [47]. The debtor Hidroelectrica S.A. can
be subjected to a reorganization plan, which can be successful if rapid and effective
measures are taken, in terms of restructuring the activity; these measures are included
in the company’s reorganization plan.
For the period 2011–2035, an Strategic Energy Project was elaborated for Romania, which posits that the hydro potential represents a sustainable development alternative for the energy sector. Authorities are allowed to construct hydropower plants
with an installed capacity of 1400 MW by the year 2035 when the national hydroelectric power potential will have been used up by 67% (59% by the year 2020)
[47]. In such a scenario, the Hidroelectrica S.A. will consider increasing by 2035 the
production capacity from 17.33 TWh (in a normal hydrological year) to 32.20 TWh.
Several future projects aim to raised the capacity by 7.99 TWh. These include the
2.28 TWh representing ongoing projects that are to be finalized by 2015 (according to the Development Strategy of Hidroelectrica S.A.), a number of units on the
Danube (totalling 4.66 TWh), and others with a micro-potential of 2.22 TWh.
“The energy production and resources of a country represent the strategic fields,
of which the public has the legitimate right of being transparently and completely
informed.” Consequently, it is admitted that “Hidroelectrica is a vital company in a
strategic sector, with national security implications, on which the evolution of the
Romanian economy and the society as a whole depend” (Report of the insolvency
administrator cited by [47]). The debtor, Hidroelectrica S.A. must be reorganized
using rapid and effective restructuring methods. It is highly necessary to implement
a national program for highlighting the developable hydroelectric power potential in
the context of the effective management of water resources. This should be reinforced
by a specific national legislation stipulating that all the administrative and economic
entities that act as beneficiaries of the hydroelectric power potential must contribute to
the investments made in this field. Electric power production management is based on
maximizing the production obtained, using the available flow. The exploitation plans
take into account the average statistical levels, which entail maximum insurance.
Unfortunately, they fail to consider the minimum levels, which are far more, accurate in terms of forecasting. Exceptional occurrences of minimum flows are assumed
by the producer (Hidroelectrica S.A.) and by the buyers. It is worth mentioning that
the peak electric power demand often coincides with the minimum water resources
available. All developed States need electric power resources the most, during summer, when air conditioning devices are used. It is impossible to take into account
the exceptional situations when planning the power and energy, to deliver from the
hydropower resources nationwide. The streams on which the power plants could be
constructed hold low energetic potential, which means that the investments made
would not be productive. From this perspective, they are economically ineffective.
In the future, Hidroelectrica (S.A.) must include, in its portfolio, only the 129
power plants with 293 groups (with the installation capacity exceeding 4 MW), and
G. Romanescu and I. Minea
Romania for the year 2020, is to get 24% of the energy from renewable sources [47].
The hydrological deficit that Hidroelectrica S.A. had to face in the year 2011 and
2012 entailed a severe drop in the production capacity: 13 TWh, is comparable to
the historic minimum recorded in the year 2003. Prolonged drought inevitably led
to the insolvency of Hidroelectrica S.A. [47]. The debtor Hidroelectrica S.A. can
be subjected to a reorganization plan, which can be successful if rapid and effective
measures are taken, in terms of restructuring the activity; these measures are included
in the company’s reorganization plan.
For the period 2011–2035, an Strategic Energy Project was elaborated for Romania, which posits that the hydro potential represents a sustainable development alternative for the energy sector. Authorities are allowed to construct hydropower plants
with an installed capacity of 1400 MW by the year 2035 when the national hydroelectric power potential will have been used up by 67% (59% by the year 2020)
[47]. In such a scenario, the Hidroelectrica S.A. will consider increasing by 2035 the
production capacity from 17.33 TWh (in a normal hydrological year) to 32.20 TWh.
Several future projects aim to raised the capacity by 7.99 TWh. These include the
2.28 TWh representing ongoing projects that are to be finalized by 2015 (according to the Development Strategy of Hidroelectrica S.A.), a number of units on the
Danube (totalling 4.66 TWh), and others with a micro-potential of 2.22 TWh.
“The energy production and resources of a country represent the strategic fields,
of which the public has the legitimate right of being transparently and completely
informed.” Consequently, it is admitted that “Hidroelectrica is a vital company in a
strategic sector, with national security implications, on which the evolution of the
Romanian economy and the society as a whole depend” (Report of the insolvency
administrator cited by [47]). The debtor, Hidroelectrica S.A. must be reorganized
using rapid and effective restructuring methods. It is highly necessary to implement
a national program for highlighting the developable hydroelectric power potential in
the context of the effective management of water resources. This should be reinforced
by a specific national legislation stipulating that all the administrative and economic
entities that act as beneficiaries of the hydroelectric power potential must contribute to
the investments made in this field. Electric power production management is based on
maximizing the production obtained, using the available flow. The exploitation plans
take into account the average statistical levels, which entail maximum insurance.
Unfortunately, they fail to consider the minimum levels, which are far more, accurate in terms of forecasting. Exceptional occurrences of minimum flows are assumed
by the producer (Hidroelectrica S.A.) and by the buyers. It is worth mentioning that
the peak electric power demand often coincides with the minimum water resources
available. All developed States need electric power resources the most, during summer, when air conditioning devices are used. It is impossible to take into account
the exceptional situations when planning the power and energy, to deliver from the
hydropower resources nationwide. The streams on which the power plants could be
constructed hold low energetic potential, which means that the investments made
would not be productive. From this perspective, they are economically ineffective.
In the future, Hidroelectrica (S.A.) must include, in its portfolio, only the 129
power plants with 293 groups (with the installation capacity exceeding 4 MW), and