Mihai Popșoi says how money allocated to Termoelectrica will return to state budget

It was a legal solution that enabled to simultaneously solve two problems – the payment of debts for October and November to Gazprom and the prevention of the bankruptcy of Termoelectrica, Deputy Parliament Speaker Mihai Popșoi said, referring to the decision to amend the 2021 state budget so as to enable to repay the debts owed by Moldovagaz to Gazprom through the agency of Energocom and Termoelectrica. He noted that Termoelectrica will repay the money into the state budget from the made profit. For his part, former PPPDA MP Igor Munteanu said Termoelectrica will be unable to clear this debt during the next few years, IPN reports.

Parliament adopted the bill to rectify the state budget for this year so that a sum of 1.3 billion lei was allocated for repaying the debts owed by Moldovagaz to Gazprom. To avoid the transfer of the money directly from the state budget to Moldovagaz, the Government signed a debt transfer contract under which the debts owed by Termoelectrica to Moldovagaz were repaid through the agency of the state-run company Energocom with state funds. This money was used by Moldovagaz to clear the debts to Gazprom.

“We could not allocate money directly to Moldovagaz as a dangerous precedent when the Government assumes responsibility for the inefficiency and bad management decisions of Moldovagaz would have been set. The identified solution solved two problems: the debts owed for October and November and the problem of Termoelectrica that was close to bankruptcy. The money will evidently return to the state budget. Termoelectrica’s duty is to collect money from those who have debts and to refund it and will also repay the debt from its profit as Termoelectrica will be now a profitable company. The investments made in this company the past two years create preconditions for this company to work profitably,” Mihai Popșoi stated in the talk show “Emphasis on Today” on TVR Moldova channel.

Ex-MP of the Party “Dignity and Truth Platform” Igor Munteanu is yet skeptical about the capacity of Termoelectrica to make profit and to clear the debt owed to the state. According to him, the probability for Termoelectrica to become profitable is low.

“The probability that Termoelectrica will recover and will ensure efficient management so as to be able to clear its debts is 1:100. This would be possible in 10-20 years, if generations of managers are changed. In the short run, during two-three years, the recovery of this money is impossible. We must admit that this sum of 1.3 billion lei was transferred from the budget to Gazprom so as to avoid a short circuit in the national natural gas supply system,” said Igor Munteanu.

Moldovagaz’s debt to Gazprom accumulated because the gas rate paid by consumers in October didn’t fully cover the purchase price of gas. Furthermore, under the protocol signed with Gazprom, Moldova is to pay for the gas consumed the previous month by the date of 20 of each current month and an advance for the current month.

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