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Moldova will receive an additional loan of 165 million euros from the EBRD for natural gas procurement.

Moldova will receive an additional loan of 165 million euros from the EBRD for natural gas procurement.

This is stipulated by an amendment to the loan agreement between Moldova and the European Bank for Reconstruction and Development (EBRD) for the implementation of the project "Gas Security Supply", ratified by parliament. The agreement itself was signed on June 23, while the amendment to it was signed on October 13. The EBRD loan will complement a grant of about 34 million euros, which the Norwegian government will allocate to Moldova through the NANSEN program, also for gas purchases. The additional loan and the grant are meant for further lending to the state-owned Energocom to buy gas from EU hubs. Earlier, the EBRD allocated 300 million euros to Moldova in two tranches for this purpose. These funds were used to purchase gas on the international markets before the heating season and have already been returned. The third tranche of the EBRD loan of 165 million euros, which is now being disbursed, along with a grant component of 34 million euros from the Norwegian government, will meet the financing and liquidity needs of Energocom and reduce the cost of borrowing. The EBRD loan will be provided at a 6-month EURIBOR floating interest rate with a minimum of zero + a margin of 1% per annum. The one-time fee will be 1% of the maximum loan amount. Commitment fee: 0.5% per annum, calculated on the total outstanding loan amount. If the grant is accessed, there are no fees or interest associated with its use. The EBRD pointed out that the initial 300 million euros revolving loan in 2022 allowed Moldova to diversify its gas supply, meeting about 20% of demand last winter with supplies from the EU, compared to less than 5% in 2021. Moldova's gas imports have traditionally come from Gazprom, with which it has a contract that expires in 2026 but is vulnerable to potential interruption as a result of the war in Ukraine. Increased EBRD funding now is planned to help bring Moldova's share of natural gas from Europe to at least 75% of purchases next winter. Natural gas accounts for just under 1/3 of Moldova's energy consumption, and 70% of gas is used in centralized heating. // 22.12.2023 - InfoMarket.

News on the subject

In Chisinau, the tariff for heat supplied by Termoelectrica has been reduced by 493 lei (-15.1%) - from 3267 to 2774 lei per gigacalorie (without VAT).
In Chisinau, the tariff for heat supplied by Termoelectrica has been reduced by 493 lei (-15.1%) - from 3267 to 2774 lei per gigacalorie (without VAT).
Moldovan government approved procedures for expropriation of land for the construction of the Vulcanesti-Chisinau high-voltage transmission line.
Moldovan government approved procedures for expropriation of land for the construction of the Vulcanesti-Chisinau high-voltage transmission line.
Chisinau will build 2 new high-efficiency cogeneration plants for heat and electricity production with a capacity of about 55 MW.
Chisinau will build 2 new high-efficiency cogeneration plants for heat and electricity production with a capacity of about 55 MW.
In Chisinau, the tariff for heat from the Termoelectrica enterprise is planned to be reduced by 493 lei (15.1%) - from 3267 to 2774 lei per gigacalorie (excluding VAT).
In Chisinau, the tariff for heat from the Termoelectrica enterprise is planned to be reduced by 493 lei (15.1%) - from 3267 to 2774 lei per gigacalorie (excluding VAT).
Moldova's electricity market will be managed by OPEM (Moldova's electricity market operator), a subsidiary of OPCOM (Romania).
Moldova's electricity market will be managed by OPEM (Moldova's electricity market operator), a subsidiary of OPCOM (Romania).
The Romanian electricity and natural gas market operator OPCOM will create and register a subsidiary in Moldova, which will become the operator of the electricity market in the Republic of Moldova.
The Romanian electricity and natural gas market operator OPCOM will create and register a subsidiary in Moldova, which will become the operator of the electricity market in the Republic of Moldova.