{
  "url": "https://openlegislation.uk/eu-decision-2017-501/annex-II/division-2",
  "json_url": "https://openlegislation.uk/eu-decision-2017-501/annex-II/division-2.json",
  "legislation": "eudn/2017/501",
  "legislation_title": "Commission Decision (EU) 2017/501 of 12 June 2015 on tariffs applied by Hidroelectrica of Romania to S.C. ArcelorMittal Galați, S.C. Alro SA, S.C. Alpiq RomEnergie S.R.L., S.C. Alpiq RomIndustries S.R.L., S.C. Energy Financing Team Romania S.R.L. (EFT), S.C. Electrica SA, S.C. Electromagnetica SA, S.C. Energy Holding S.R.L., S.C. EURO-PEC SA, S.C. Luxten-Lighting Group SA, S.C. Electrocarbon SA Slatina and S.C. ELSID Titu SA — SA.33623 (2012/C), SA.33624 (2012/C), SA.33451 (2012/C) and SA.33581 (2012/C) (notified under document C(2015) 3919) (Only the Romanian text is authentic) (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2017-501",
  "path": "annex/II/division/2",
  "kind": "division",
  "number": null,
  "heading": "Results of the econometric analysis",
  "text": "Table 1\nRegression analysis\nStandard errors are presented in parentheses: *** means that the coefficient is statistically significant at a 1 % level, ** means that it is statistically significant at a 5 % level and * means that it is statistically significant at a 10 % level.\nNote: Prices are in RON/MWh\nSource: Commission's regression analysis based on the data submitted by the Romanian authorities.\nDependent variable: Average price\nCoefficient\nStd error\nAnnual quantity (GWh)\n– 0,01951**\n0,007878\nYear 2008\n22,58369***\n4,781887\nYear 2009\n30,73545***\n5,471158\nYear 2010\n21,32171***\n5,695673\nALPIQ ROMENERGIE\n– 2,34966\n9,310078\nALPIQ ROMINDUSTRIES\n– 5,47044\n9,975876\nARCELORMITTAL GALATI\n– 1,78779\n14,62595\nAXPO ENERGY RO\n0,896041\n10,40766\nCE HUNEDOARA\n38,02612***\n11,41575\nCE OLTENIA\n27,86802***\n9,458818\nCEZ VANZARE\n9,515878\n11,40325\nEFT RO\n2,966594\n18,83573\nELECTRICA\n9,787691\n11,04511\nELECTROMAGNETICA\n– 9,19285\n9,553932\nENEL ENERGIE MUNTENIA\n16,97181\n12,529\nENERGY HOLDING\n– 34,5329***\n9,620757\nENERGY NETWORK\n36,58137***\n12,47443\nEON ENERGIE\n3,589147\n12,43953\nEURO-PEC\n0,511251\n9,50637\nHIDROELECTRICA\n– 30,3327**\n12,62379\nNUCLEARELECTRICA\n– 9,804\n18,78678\nOMV PETROM\n6,482914\n18,79837\nRAAN\n33,0402**\n14,6577\nRENOVATIO TRADING\n29,5599\n18,95553\nTINMAR IND\n0\n(omitted)\nConstant\n160,5678***\n8,50624\nNumber of observations: 109\nR-squared = 0,7426\nAdjusted R-squared = 0,6691\nThe following tables show the results of the empirical analysis, which uses the regression analysis detailed in Table 1 in which, for each year, the most-downward-diverging contract (‘MDD’) is selected on the basis of the difference in price levels (in RON/MWh) between each contract's estimated price and its corresponding observed price. Tables 2-4 below show the differences between Hidroelectrica's contract prices for each of the years (i.e.: 2007-2010) vis-à-vis the ‘simulated’ benchmark prices for all the contracts under investigation.\nFor 2007, the MDD contract, that is to say the contract in the non-suspect dataset with the highest difference between the observed price and its corresponding estimated price, has a price difference estimated at […] RON/MWh. Two Hidroelectrica contracts have an observed price below their estimated price with a price difference larger than […] RON/MWh, namely the contracts with Electrocarbon and Elsid, with an observed price difference of approximately […] RON/MWh (see Table 2).\nTable 2\nAnalysis of contracts from 2007\nNote: Prices are rounded up to the nearest RON/MWh.\nSource: Calculations based on the regression analysis and on the data submitted by the Romanian authorities.\nName of customer\nName of supplier\nObserved price\nBenchmark price\nPrice difference (in absolute terms)\nIn line with benchmark indices\nMDD contract in the dataset\nAZOMURES SA\nHIDROELECTRICA\n[…]\n124\n[…]\nContracts under investigation\nAlro\nHIDROELECTRICA\n[…]\n72\n[…]\nYes\nEnergy Holding\nHIDROELECTRICA\n[…]\n50\n[…]\nYes\nEFT\nHIDROELECTRICA\n[…]\n127\n[…]\nYes\nElectromagnetica\nHIDROELECTRICA\n[…]\n111\n[…]\nYes\nEURO-PEC\nHIDROELECTRICA\n[…]\n111\n[…]\nYes\nLuxten-Lighting\nHIDROELECTRICA\n[…]\n125\n[…]\nYes\nELSID\nHIDROELECTRICA\n[…]\n126\n[…]\nNo\nElectrocarbon\nHIDROELECTRICA\n[…]\n126\n[…]\nNo\nFor 2008, the price difference in relation to the MDD contract is estimated at […] RON/MWh, and three Hidroelectrica contracts have a larger price difference, namely those with Luxten-Lighting, Electrocarbon and Elsid, with an observed price difference of approximately […] RON/MWh for Luxten-Lighting and […] RON/MWh for Electrocarbon and Elsid (see Table 3).\nTable 3\nAnalysis of contracts from 2008\nNote: Prices are rounded up to the nearest RON/MWh.\nSource: Calculations based on the regression analysis and on the data submitted by the Romanian authorities.\nName of customer\nName of supplier\nObserved price\nBenchmark price\nPrice difference (in absolute terms)\nIn line with benchmark indices\nMDD contract in the dataset\nPETROM SA\nEnergy Holding\n[…]\n147\n[…]\nContracts under investigation\nAlro\nHIDROELECTRICA\n[…]\n94\n[…]\nYes\nElectromagnetica\nHIDROELECTRICA\n[…]\n133\n[…]\nYes\nEFT\nHIDROELECTRICA\n[…]\n149\n[…]\nYes\nEnergy Holding\nHIDROELECTRICA\n[…]\n73\n[…]\nYes\nEURO-PEC\nHIDROELECTRICA\n[…]\n133\n[…]\nYes\nLuxten-Lighting\nHIDROELECTRICA\n[…]\n147\n[…]\nNo\nELSID\nHIDROELECTRICA\n[…]\n148\n[…]\nNo\nElectrocarbon\nHIDROELECTRICA\n[…]\n149\n[…]\nNo\nFor 2009, the MDD price difference is estimated at[…] RON/MWh and, again, three Hidroelectrica contracts have a larger price difference, namely those with Luxten-Lighting, Electrocarbon, and Elsid, with an observed price difference of approximately[…] RON/MWh for Luxten-Lighting and of[…] RON/MWh for Electrocarbon and Elsid (see Table 4).\nTable 4\nAnalysis of contracts from 2009\nNote: Prices are rounded up to the nearest RON/MWh.\nSource: Calculations based on the regression analysis and on the data submitted by the Romanian authorities.\nName of customer\nName of supplier\nObserved price\nBenchmark price\nPrice difference (in absolute terms)\nIn line with benchmark indices\nMDD contract in the dataset\nDuctil Steel SA\nAlpiq RomEnergie\n[…]\n187\n[…]\nContracts under investigation\nAlro\nHIDROELECTRICA\n[…]\n102\n[…]\nYes\nEURO-PEC\nHIDROELECTRICA\n[…]\n142\n[…]\nYes\nAlpiq RomEnergie\nHIDROELECTRICA\n[…]\n126\n[…]\nYes\nElectromagnetica\nHIDROELECTRICA\n[…]\n142\n[…]\nYes\nEnergy Holding\nHIDROELECTRICA\n[…]\n116\n[…]\nYes\nEFT\nHIDROELECTRICA\n[…]\n157\n[…]\nYes\nLuxten-Lighting\nHIDROELECTRICA\n[…]\n156\n[…]\nNo\nELSID\nHIDROELECTRICA\n[…]\n157\n[…]\nNo\nElectrocarbon\nHIDROELECTRICA\n[…]\n157\n[…]\nNo\nFor 2010, the price difference in relation to the MDD contract is estimated at […] RON/MWh, and two Hidroelectrica contracts have a larger price difference, namely those with Electrocarbon and Elsid, with an observed price difference of approximately […] RON/MWh (see Table 5).\nTable 5\nAnalysis of contracts from 2010\nNote: Prices are rounded up to the nearest RON/MWh.\nSource: Calculations based on the regression analysis and on the data submitted by the Romanian authorities.\nName of customer\nName of supplier\nObserved price\nBenchmark price\nPrice difference (in absolute terms)\nIn line with benchmark indices\nMDD contract in the dataset\nSILCOTUB SA ZALAU\nEnergy Network\n[…]\n214\n[…]\nContracts under investigation\nArcelorMittal Galati\nHIDROELECTRICA\n[…]\n118\n[…]\nYes\nElectrica\nHIDROELECTRICA\n[…]\n132\n[…]\nYes\nEnergy Holding\nHIDROELECTRICA\n[…]\n107\n[…]\nYes\nAlpiq RomEnergie\nHIDROELECTRICA\n[…]\n116\n[…]\nYes\nElectromagnetica\nHIDROELECTRICA\n[…]\n132\n[…]\nYes\nEURO-PEC\nHIDROELECTRICA\n[…]\n144\n[…]\nYes\nAlro\nHIDROELECTRICA\n[…]\n93\n[…]\nYes\nLuxten-Lighting\nHIDROELECTRICA\n[…]\n146\n[…]\nYes\nEFT\nHIDROELECTRICA\n[…]\n148\n[…]\nYes\nELSID\nHIDROELECTRICA\n[…]\n147\n[…]\nNo\nElectrocarbon\nHIDROELECTRICA\n[…]\n148\n[…]\nNo",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Standard errors are presented in parentheses: *** means that the coefficient is statistically significant at a 1 % level, ** means that it is statistically significant at a 5 % level and * means that it is statistically significant at a 10 % level."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2017/501/annex/II/division/2",
    "retrieved_at": "2026-11-01T15:13:33.182610+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}