Termoenergetica still owes ELCEN 1.3 billion lei / Management rules out insolvency and bankruptcy

Termoenergetica’s debt to Electrocentrale București (ELCEN) has fallen to approximately 1.3 billion lei, but it remains a major burden on the capital’s district heating system. ELCEN General Director Mirela Pavel said Tuesday at an industry event that the two companies are not in insolvency or bankruptcy and that entry into such proceedings is not expected.

Pavel said that Bucharest City Hall began paying part of the outstanding subsidies over the summer. However, higher bills during the cold season could once again increase the financial burden on ELCEN, Termoenergetica and the municipality through the spring.

The ELCEN director stressed that both companies must support their investments and modernize their infrastructure before any potential merger. In her view, the process could take several years and would require a plan covering a committed period of 5–10 years.

On May 28, 2026, the government approved the initiation of procedures to transfer the state-owned shares in ELCEN to Bucharest City Hall. The value of the transaction is to be determined following a market valuation conducted by the Ministry of Energy.