BUCHAREST – Romanian state-owned gas producer SNGN Romgaz SA (BVB: SNG) announced an extension of the completion and commissioning period for the Iernut “Combined cycle CCTG power plant” investment, with the new deadline is set for June 30, 2025. This follows an amendment to the government’s decision that extends the terms of the National Investment Plan (NIP).

The company, which is also listed in the London Stock Exchange (LON:) (LSE), disclosed this development through an addendum to its Financing Contract first signed on December 7, 2017. The recent government decision, numbered 1.489 and dated November 21 , 2024, modifies the previous decision 1.096/2013, which provides for the transitional free allocation of CO2 certificates to producers of electricity for the period 2013-2020.

Addendum no. 10, signed by both parties and registered by Romgaz on December 23, 2024, not only extends the project completion date but also adjusts the reimbursement period for investment costs to December 31, 2025. This step aimed at changing the financing terms and the investment schedule as outlined in the original contract.

The Iernut power plant project, which has been the subject of previous reports, including one on December 11, 2017, is part of Romania’s efforts to transform its energy infrastructure. The CEO of Romgaz, Răzvan Popescu, confirmed the conclusion of the addendum, which is in line with the company’s strategy and complies with the relevant financial instruments and market operation laws.

This adjustment of the investment timeline is significant for stakeholders and investors, which shows the ongoing commitment to complete the power plant project within the revised timeframe. The progress of the project and its implications for Romgaz’s operations will continue to be monitored by market and industry observers.

The information in this article is based on a press release statement from Romgaz.

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