Romania faces serious energy problems

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EBRD launches a project with the Ukrainian Deposit Guarantee Fund

Latvian GDP grows 2.1 per cent in Q4’2016

Romania

“Romania’s energy market is dealing with the most difficult conditions in the last decades and the local energy system is functioning close to its limits,” says Georgios Stassis, the general manager of Enel Romania, quoted by Romania Insider.

“The still young energy market in Romania is now facing its first challenge. The prices are at their highest levels in decades, the system is close to its functioning limit, and some suppliers unilaterally cancel contracts to take advantage of these record prices, leaving their customers without the energy supply service despite the signed contracts,” Stassis said according to the local News.ro.

According to Stassis the wind energy proved useful in the previous weeks as it compensated for the lower electricity output from other sources, such as hydro power plants.

The electricity sold on Romania’s spot market reached record prices of RON650 (EUR144) per MWh last week. The price has doubled since the beginning of the year.

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Ukraine

Interfax reports that the European Bank for Reconstruction and Development has launched a project on technical cooperation with the Individuals Deposit Guarantee Fund.

The goal of the project is to provide assistance to the Fund to increase the potential and opportunities when the Fund implements its rights and duties. Cooperation will include practical assistance, expert support and consultations.

The final stage of the project will be an implementation of a financial reporting organization policy in line with the International Financial Reporting Standards (IFRS).

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Latvia

According to the flash estimate of the Central Statistical Bureau (CSB), reported by the Baltic Course, in the Q4’2016, compared to the Q3’2016, the GDP value (seasonally and working days adjusted data) increased by 0.8 per cent.

Compared to the corresponding period of 2015, GDP grew by 1.6 per cent, while seasonally and working days non-adjusted GDP increased by 2.1 per cent.

Over the Q4, the GDP was affected by a 10 per cent increase in the output in industry and a 1 per cent increase in the output in the service sector.

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What’s up in indexes

BUX (of Budapest) decreased from 32,714.58 index points Friday, January 27th to 32,477.00 index points Monday, January 30th. It was down 0.73 per cent d/d and up 34.61 per cent y/y.

BET (of Bucharest) increased from 7,495.74 index points Friday, January 27th to 7,497.46 index points Monday, January 30th. It was up 0.03 per cent d/d and up 18.64 per cent y/y.

CROBEX (of Zagreb) increased from 2,108.89 index points Friday, January 27th to 2,124.91 index points Monday, January 30th. It was up 0.76 per cent d/d and up 31.80 per cent y/y.

OMXR (of Riga) increased from 753.52 index points Friday, January 27th to 755.10 index points Monday, January 30th. It was up 0.21 per cent d/d and up 22.16 per cent y/y.

OMXT (of Tallinn) increased from 1,096.14 index points Friday, January 27th to 1,099.85 index points Monday, January 30th. It was up 0.34 per cent d/d and up 24.42 per cent y/y.

OMXV (of Vilnius) increased from 563.79 index points Friday, January 27th to 565.54 index points Monday, January 30th. It was up 0.31 per cent d/d and up 16.55 per cent y/y.

PX (of Prague) decreased from 936.89 index points Friday, January 27th to 930.82 index points Monday, January 30th. It was down 0.65 per cent d/d and up 1.76 per cent y/y.

SAX (of Bratislava) remained at the level of 307.71 index points Monday, January 30th. It was up 0.66 per cent y/y.

SOFIX (of Sofia) decreased from 610.10 index points Friday, January 27th to 609.65 index points Monday, January 30th. It was down 0.07 per cent d/d and up 34.42 per cent y/y.

UX (of Kiev) increased from 859.91 index points Friday, January 27th to 865.19 index points Monday, January 30th. It was up 0.61 per cent d/d and up 34.65 per cent y/y.

WIG20 (of Warsaw) decreased from 2,084.05 index points Friday, January 27th to 2,051.49 index points Monday, January 30th. It was down 1.56 per cent d/d and up 15.41 per cent y/y.

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