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REG - Soc EnergElectricaSA - Transactions between related parties EFSA-OPCOM

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RNS Number : 6940L  Societatea Energetica Electrica SA  04 January 2023

To:                              Romanian
Financial Supervisory Authority (FSA)

 
Bucharest Stock Exchange (BSE)

                                    London
Stock Exchange (LSE)

Current report in compliance with the Law 24/2017 on issuers of financial
instruments and market operations, FSA Regulation no. 5/2018 on issuers of
financial instruments and market operations, and the Bucharest Stock Exchange
Code

Report date: 4 January 2023

Company name: Societatea Energetica Electrica S.A. (Electrica)

Headquarters: 9 Grigore Alexandrescu Street, 1(st) District, Bucharest,
Romania

Phone/fax no.: 004-021-2085999/ 004-021-2085998

Fiscal Code: RO 13267221

Trade Register registration number: J40/7425/2000

Subscribed and paid in share capital: RON 3,464,435,970

Regulated market where the issued securities are traded: Bucharest Stock
Exchange (BSE) and London Stock Exchange (LSE)

 

Significant events to be reported: Transactions with related parties according
to Art. 108 of Law No. 24/2017 concluded by Electrica Furnizare SA (EFSA),
subsidiary of Societatea Energetica Electrica SA (Electrica), with OPCOM

Electrica informs its shareholders and investors about the
conclusion/execution, in the period 2 December 2022 - 4 January 2023, of some
transactions between EFSA, Electrica's subsidiary, and OPCOM, whose cumulated
value exceeds the threshold of 5% of Electrica's net assets, according to
Electrica's individual financial statements at 30 June 2022, respectively
exceeds the value of RON 199,059,726.

Details regarding these transactions, containing information about the date of
execution, type of transaction, description of its scope, total value of the
transaction, expiry date, mutual debts and receivables, guarantees, penalties,
payment due dates and methods are presented in the Annex below.

 

 

CFO

Stefan
Frangulea

 

 

 
 

 

 
 

Annex: Details regarding the transactions concluded by EFSA with OPCOM in the
period 2 December 2022 - 4 January 2023 of the kind listed in Art. 108 of Law
No. 24/2017

 Agreement Type and No., execution date                                         Scope of the agreement                                                        Value of transactions (RON th.)  Date of entry into force  Expiry date   Guarantees (RON th.)  Penalties (RON th.)  Payment due dates and payment methods
 Buyer: EFSA

 Seller: OPCOM
 1. Convention No. 38156/ 18 Aug 2021                                           Sell - purchase of electricity - DAM                                          171,197.53                       18 August 2021            undetermined  65,000                See Note 1 below     OPCOM S.A. issues the invoices with the date of the last day of the delivery

                                                                                                                                                                                                 month and sends them, electronically signed, by e-mail, to the DAM
                                                                                Transaction and administration tariff - DAM                                                                                                                                                       Participants in the first three working banking days of the month following
                                                                                                                                                                                                                                                                                  the delivery month. The DAM participant has the obligation to ensure the
                                                                                                                                                                                                                                                                                  necessary funds in the current account opened with the Settlement Bank, in
                                                                                                                                                                                                                                                                                  order to debit the amounts related to the value of the net payment
                                                                                                                                                                                                                                                                                  obligations.
 2. Convention PC OTC 38107/ 17Aug2021                                          Centralized Market organization and administration services with continuous   0                                17 August 2021            undetermined  N/A                   -                    DAM participants issue invoices, with dates of the last day of the delivery
                                                                                double negotiation of bilateral electricity contracts                                                                                                                                             month, and send them to OPCOM S.A. by email/fax, in the first three bank
                                                                                                                                                                                                                                                                                  working days of the month following the month of delivery and in original or
                                                                                                                                                                                                                                                                                  with an electronic signature, at the latest by the 10th of the month following
                                                                                                                                                                                                                                                                                  the month of delivery.

                                                                                                                                                                                                                                                                                  Payment is made by the 10th calendar day of the following month.
 3. Convention PC ESRE CV 38106/ 17Aug2021                                      Centralized Market organization and administration services                   11.82                            17 August 2021            undetermined  N/A                   -

                                                                                for electricity from renewable sources supported through green certificates
 4. Convention NGM - long term 42679/2019                                       NGM Trading tariff - REMIT tariff                                             0.53                             26 August 2019            undetermined  N/A                   -                    The invoice is sent electronically (by e-mail), monthly, to the contractual
                                                                                                                                                                                                                                                                                  partner, in the first 5 working days of the month following the month for
                                                                                                                                                                                                                                                                                  which the services are provided and it will include 1/12 of the annual value
                                                                                                                                                                                                                                                                                  of each tariff (to which VAT is added as the case may be). Payment is made in
                                                                                                                                                                                                                                                                                  maximum 5 working days from the date of receipt of the invoice.
 5. Convention for Participation on the Intraday Market no. 38103/ 17 Aug 2021  Sell - purchase of electricity - IM                                           6,032.54                         17 August 2021            undetermined  17,401                See Note 1 below     OPCOM issues invoices dated the last day of the month of delivery and sends

                                                                                                                                                                                                 them, electronically signed, by email to the Participants on IM in the first
                                                                                Trading and administrative tariffs - IM                                                                                                                                                           three working banking days of the month following the month of delivery.

                                                                                                                                                                                                                                                                                  The IM participant has the obligation to ensure the necessary availability in
                                                                                                                                                                                                                                                                                  the current account opened at the Settlement Bank, in order to debit the
                                                                                                                                                                                                                                                                                  amounts related to the value of the net payment obligations.

                                                                                                                                                                                                                                                                                  The payment of the transaction and administration fee invoice - IM is made by
                                                                                                                                                                                                                                                                                  the participant in the respective market, in full by bank transfer, with
                                                                                                                                                                                                                                                                                  payment order, within a maximum of 5 working days from the date of receipt of
                                                                                                                                                                                                                                                                                  the invoice.
 Seller: EFSA

 Buyer: OPCOM
 6. Convention No. 38156/ 18 Aug 2021                                           Sell - purchase of electricity - DAM                                          19,930.64                        18 August 2021            undetermined  N/A                   -                    DAM participants issue invoices, with dates of the last day of the delivery
                                                                                                                                                                                                                                                                                  month, and send them to OPCOM S.A. by email/fax, in the first three bank
                                                                                                                                                                                                                                                                                  working days of the month following the month of delivery and in original or
                                                                                                                                                                                                                                                                                  with an electronic signature, at the latest by the 10th of the month following
                                                                                                                                                                                                                                                                                  the month of delivery. Payment is made by the 10th calendar day of the
                                                                                                                                                                                                                                                                                  following month.
 7. Convention for Participation on the Intraday Market no. 38103/ 17 Aug 2021  Sell - purchase of electricity - IM                                           5,376.85                         17 August 2021            undetermined  N/A                   -                    IM Participants issue the invoices, with the date of the last day of the
                                                                                                                                                                                                                                                                                  delivery month and send them to OPCOM S.A. by e-mail / fax, in the first three
                                                                                                                                                                                                                                                                                  working banking days of the month following the month of delivery and in
                                                                                                                                                                                                                                                                                  original or with electronic signature, at the latest by the 10(th) of the
                                                                                                                                                                                                                                                                                  month following the month of delivery. Payment is made by the 10th calendar
                                                                                                                                                                                                                                                                                  day of the following month.

Total executed amount during 2 December 2022 - 4 January 2023: RON 202,549.90
th.

Due and not due mutual receivables of EFSA from OPCOM at 3 Jan 2023: RON
22,465.27 th.

Due and not due mutual debts of EFSA to OPCOM at 3 Jan 2023: RON 16,584.19 th.

 

Note 1: Major non-fulfillment of the payment obligation entitles OPCOM to
suspend the DAM/IM Participant's right to trade for a maximum of one month.
The suspension is lifted after the payment has been made. It constitutes a
situation of non-fulfillment of the obligations by a DAM/IM Participant, the
situation in which the DAM/IM participant's account does not have sufficient
availability related to the payment obligation, having as a consequence the
Bank's refusal to execute the direct debit instruction and the issuance by
OPCOM of the request of payment in execution for the amount owed

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