Hidroelectrica remained without the general manager and the financial director, after the European Commission had requested their dismissal in order not to lose money from PNRR

Hidroelectrica announced, on Friday evening, that, during the meeting of the Surveillance Board of 19, 2025, the termination of two members of the Directorate, Karoly Borbély, the president of the Directorate/CEO, and Marian Fetița, CFO, was decided. The termination of mandates comes into force starting September 19th.

The decision was taken to be able to fulfill the 121st Mountain of PNR on professional management in state -of -energy companies.

This Jalon was not fulfilled, the European Commission considering that in the case of 13 companies, including Hidroelectrica, the managers were not appointed following transparent and correct selection procedures. Among those targeted by the European Commission are the two members of the Hidroelectrica Directorate.

Hidroelectrica also stated that “the Ministry of Energy, by the address of September 18, 2025, requested the complete implementation of the measures necessary for the correction of the deficiencies reported by the European Commission regarding the situation of the Directorate of the Company”.

“Mr. Karoly Borbely and Marian the little girl were not imputed irregularities and the legality of the selection procedure for the CEO and CFO functions were not questioned, with the feedback received from the interactions with stakeholders. Thus, Mr. Karoly Borbely, Mr. Marian the little girl and the members of the Supervisory Council of Hidroelectrica The money from the PNRR ”, the Hidrolectrica statement states.

What are the energy companies to which managers need to be changed

Several energy companies must pass, until November 28, 2025, through a transparent and correct process of selection of new managers, so that Romania can obtain the sum of 228 million euros from the PNRR, the 121 Mailor on Corporate Governance.

13 energy companies are targeted, according to an information made by the Ministry of Energy in the last -Government session.

The companies targeted are Hidroelectrica, the Oltenia Energy Complex, SN Nuclearelectrica SA, Conpet, Romgaz, Oil Terminal, Electrocentrale Craiova SA, Midia Green Energy SA, the Energy Starting Company S., the National Company for the Control of Lifting Installations and Pressure Records (CNCIR), Eurotest and Radioactive Institute of Scientific Research and Technological Engineering Design Mine on Lignit SA, Valea Jiu Energy Complex

How much money did Romania risk losing if the mandates of the Hidroelectrica directors were not interrupted

In the case of the directors of Hidroelectrica and the Oltenia Energy Complex, the Ministry of Energy argued, in informing the Government, that it cannot make the change of directors, as requested by the European Commission, responsible for this being the surveillance prisoners of the two companies.

“The Ministry of Energy, as a majority shareholder of Speeh Hidroelectrica, respectively the Oltenia Energy Complex, does not have legal tools in order to be able to oblige the Supervisory Board to revoke the members of the Directorate highlighted in the COM decision,” the document presented in the Government meeting shows.

In informing the Ministry of Energy to the Government it is shown that an revocation would oblige Hidroelectrica to compensation of 5 million lei. On the other hand, if it does not revoke the directors from the two companies, Romania would lose at least 25 million euros in the 121 milestone.

“Their revocation without a fair cause would oblige Hidroelectrica to pay damages of approx. 5 million lei (in context, the preliminary calculation carried out by MIPE experts indicates a penalty of at least 25 million EUR for not fulfilling the conditions related to the selection of the 2 companies – 4 persons)”, the Ministry of Energy document shows.

The institution claims that a “constitutive act modification” would be devoid of legal effects, “considering that the respective members have mandate contracts concluded with the Supervisory Board”.

According to the document, a conclusion is “finding that the members of the Speeh Hidroelectrica supervisory board did not give efficiency to the commission's decision, which required the resumption of a transparent and competitive selection procedure within 6 months (until November 28, 2025).

• The European Commission decided, last year, the partial suspension of payments from the PNRR, on the payment application no. 3, among the reasons being the non -transparent and non -based way of competence in which the appointments are made to the head of the energy companies. The 121 Mary was worth almost 300 million euros, but following some clarifications of the Government, “the amount proposed to be suspended in the preliminary letter by approximately 71,000,000 euros”.
• The decision related to the management of the energy companies was maintained in May, the Commission specifying that the amount will be permanently lost if the milestone is not resolved until November 28, 2025, the deadline.
• Specifically, until then transparent selection procedures must be organized for the appointment of new bosses.