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SOCIETATEA ENERGETICA ELECTRICA S.A. - EL

Reorganization plan at the level of distribution activity

Release Date: 8/11/2017 7:16:01 PM

IRIS Code: B9CB6

Societatea Energetica Electrica S.A.

9, Grigore Alexandrescu str.

010621 District 1, Bucharest, Romania

Phone: 021-208 59 99; Fax: 021-208 59 98

Fiscal Registration Certificate RO 13267221

J40/7425/2000

Share capital: 3.459.399.290 RON

www.electrica.ro

 

 


To:                              Romanian Financial Supervisory Authority (ASF)

                                    Bucharest Stock Exchange (BVB)

                                    London Stock Exchange (LSE)

 

Current report in compliance with the Law 24/2017 on issuers of financial instruments and market operations, the Romanian Capital Market Law no. 297/2004, CNVM Regulation no. 1/2006, and the Bucharest Stock Exchange Code

Report date: 11 August 2017

Company name: Societatea Energetica Electrica S.A.

Headquarters: 9 Grigore Alexandrescu Street, 1st District, Bucharest, Romania

Phone/fax no.: 004-021-2085999/ 004-021-2085998

Fiscal Code: RO 13267221

Trade Register registration number: J40/7425/2000

Subscribed and paid in share capital: RON 3,459,399,290

Regulated market where the issued securities are traded: Bucharest Stock Exchange (BVB), London Stock Exchange (LSE)

Significant events to be reported:

 

Approval of reorganization plan at the level of distribution activity

During the meeting held on 10 August 2017, the Board of Directors of Electrica SA approved the reorganization plan at the level of distribution activity (“Societatea de Distributie a Energiei Electrice Muntenia Nord SA” – SDMN, “Societatea de Distributie a Energiei Electrice Transilvania Nord SA”  – SDTN, “Societatea de Distributie a Energiei Electrice Transilvania Sud SA” – SDTS) which aims at:

-          Implementing a new target operating model of the distribution segment, based on redesigned processes with focus on efficiency and quality of customer services; 

-          Internalization of certain activities of Electrica Serv, with the key objective to execute the very ambitious investment plan for the next year (CAPEX of RON 863 million);

-          A new performance-based remuneration concept;

-          Concept for a cost reduction and cost controlling program.

The above presented program is under implementation and will be subject to receiving the necessary approvals from the regulatory authorities.

 

 

CEO

Dan Catalin Stancu

 



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