# 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), Division: Results of the econometric analysis

Extent: E+W+S+N.I.

Table 1
Regression analysis
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.
Note: Prices are in RON/MWh
Source: Commission's regression analysis based on the data submitted by the Romanian authorities.
Dependent variable: Average price
Coefficient
Std error
Annual quantity (GWh)
– 0,01951**
0,007878
Year 2008
22,58369***
4,781887
Year 2009
30,73545***
5,471158
Year 2010
21,32171***
5,695673
ALPIQ ROMENERGIE
– 2,34966
9,310078
ALPIQ ROMINDUSTRIES
– 5,47044
9,975876
ARCELORMITTAL GALATI
– 1,78779
14,62595
AXPO ENERGY RO
0,896041
10,40766
CE HUNEDOARA
38,02612***
11,41575
CE OLTENIA
27,86802***
9,458818
CEZ VANZARE
9,515878
11,40325
EFT RO
2,966594
18,83573
ELECTRICA
9,787691
11,04511
ELECTROMAGNETICA
– 9,19285
9,553932
ENEL ENERGIE MUNTENIA
16,97181
12,529
ENERGY HOLDING
– 34,5329***
9,620757
ENERGY NETWORK
36,58137***
12,47443
EON ENERGIE
3,589147
12,43953
EURO-PEC
0,511251
9,50637
HIDROELECTRICA
– 30,3327**
12,62379
NUCLEARELECTRICA
– 9,804
18,78678
OMV PETROM
6,482914
18,79837
RAAN
33,0402**
14,6577
RENOVATIO TRADING
29,5599
18,95553
TINMAR IND
0
(omitted)
Constant
160,5678***
8,50624
Number of observations: 109
R-squared = 0,7426
Adjusted R-squared = 0,6691
The 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.
For 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).
Table 2
Analysis of contracts from 2007
Note: Prices are rounded up to the nearest RON/MWh.
Source: Calculations based on the regression analysis and on the data submitted by the Romanian authorities.
Name of customer
Name of supplier
Observed price
Benchmark price
Price difference (in absolute terms)
In line with benchmark indices
MDD contract in the dataset
AZOMURES SA
HIDROELECTRICA
[…]
124
[…]
Contracts under investigation
Alro
HIDROELECTRICA
[…]
72
[…]
Yes
Energy Holding
HIDROELECTRICA
[…]
50
[…]
Yes
EFT
HIDROELECTRICA
[…]
127
[…]
Yes
Electromagnetica
HIDROELECTRICA
[…]
111
[…]
Yes
EURO-PEC
HIDROELECTRICA
[…]
111
[…]
Yes
Luxten-Lighting
HIDROELECTRICA
[…]
125
[…]
Yes
ELSID
HIDROELECTRICA
[…]
126
[…]
No
Electrocarbon
HIDROELECTRICA
[…]
126
[…]
No
For 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).
Table 3
Analysis of contracts from 2008
Note: Prices are rounded up to the nearest RON/MWh.
Source: Calculations based on the regression analysis and on the data submitted by the Romanian authorities.
Name of customer
Name of supplier
Observed price
Benchmark price
Price difference (in absolute terms)
In line with benchmark indices
MDD contract in the dataset
PETROM SA
Energy Holding
[…]
147
[…]
Contracts under investigation
Alro
HIDROELECTRICA
[…]
94
[…]
Yes
Electromagnetica
HIDROELECTRICA
[…]
133
[…]
Yes
EFT
HIDROELECTRICA
[…]
149
[…]
Yes
Energy Holding
HIDROELECTRICA
[…]
73
[…]
Yes
EURO-PEC
HIDROELECTRICA
[…]
133
[…]
Yes
Luxten-Lighting
HIDROELECTRICA
[…]
147
[…]
No
ELSID
HIDROELECTRICA
[…]
148
[…]
No
Electrocarbon
HIDROELECTRICA
[…]
149
[…]
No
For 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).
Table 4
Analysis of contracts from 2009
Note: Prices are rounded up to the nearest RON/MWh.
Source: Calculations based on the regression analysis and on the data submitted by the Romanian authorities.
Name of customer
Name of supplier
Observed price
Benchmark price
Price difference (in absolute terms)
In line with benchmark indices
MDD contract in the dataset
Ductil Steel SA
Alpiq RomEnergie
[…]
187
[…]
Contracts under investigation
Alro
HIDROELECTRICA
[…]
102
[…]
Yes
EURO-PEC
HIDROELECTRICA
[…]
142
[…]
Yes
Alpiq RomEnergie
HIDROELECTRICA
[…]
126
[…]
Yes
Electromagnetica
HIDROELECTRICA
[…]
142
[…]
Yes
Energy Holding
HIDROELECTRICA
[…]
116
[…]
Yes
EFT
HIDROELECTRICA
[…]
157
[…]
Yes
Luxten-Lighting
HIDROELECTRICA
[…]
156
[…]
No
ELSID
HIDROELECTRICA
[…]
157
[…]
No
Electrocarbon
HIDROELECTRICA
[…]
157
[…]
No
For 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).
Table 5
Analysis of contracts from 2010
Note: Prices are rounded up to the nearest RON/MWh.
Source: Calculations based on the regression analysis and on the data submitted by the Romanian authorities.
Name of customer
Name of supplier
Observed price
Benchmark price
Price difference (in absolute terms)
In line with benchmark indices
MDD contract in the dataset
SILCOTUB SA ZALAU
Energy Network
[…]
214
[…]
Contracts under investigation
ArcelorMittal Galati
HIDROELECTRICA
[…]
118
[…]
Yes
Electrica
HIDROELECTRICA
[…]
132
[…]
Yes
Energy Holding
HIDROELECTRICA
[…]
107
[…]
Yes
Alpiq RomEnergie
HIDROELECTRICA
[…]
116
[…]
Yes
Electromagnetica
HIDROELECTRICA
[…]
132
[…]
Yes
EURO-PEC
HIDROELECTRICA
[…]
144
[…]
Yes
Alro
HIDROELECTRICA
[…]
93
[…]
Yes
Luxten-Lighting
HIDROELECTRICA
[…]
146
[…]
Yes
EFT
HIDROELECTRICA
[…]
148
[…]
Yes
ELSID
HIDROELECTRICA
[…]
147
[…]
No
Electrocarbon
HIDROELECTRICA
[…]
148
[…]
No

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Source: https://www.legislation.gov.uk/eudn/2017/501/annex/II/division/2 (the official version)
Page: https://openlegislation.uk/eu-decision-2017-501/annex-II/division-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.