Union Fenosa will keep investing in Moldovan power networks

During 2006 Union Fenosa invested over MDL 200 million in the development of electrical networks. President of the Fenosa Group Moldova, Ramon Linares, during a meeting with Premier Vasile Tarlev declared that in the next five years the company plans to keep investing in the modernization of electrical networks of the Republic of Moldova in order to reach European standards. According to a Governmental press release, Ramon Linares expressed his concerns regarding the high amount of theft from the electrical networks, and requested the Government to aid in preventing this phenomenon, including by changing the legislation in this area. The prime-minister appreciated the dynamic development and activity of UF, saluted and encouraged the intentions to increase investments in the field. Vasile Tarlev mentioned that the Government is undertaking actions to aid the development in the energetic field and expressed his hopes they will continue their fruitful collaboration with the Spanish investor. The Premier specified that the Republic of Moldova seeks to join the Energetic Treaty of South Eastern Europe, a fact that will open new perspectives for the development of the distribution networks, and will also diversify the sources of electricity. The Union Fenosa Group is present in the Republic of Moldova since 2000 and is managing the Electric Distribution Networks South and Center and the EN Chisinau. In this period, the company’s administration managed to decrease commercial losses from 34% to 22.4% and increased the amount of electricity paid from 80% to 98.5%.