Renewables

ELEM activates EUR 5.6 million in guarantees from Slovenia’s Riko

Photo: Pixabay

Published

April 14, 2015

Comments

0

Share

Published:

April 14, 2015

Comments:

0

Share

The bank guarantees provided by Slovenia’s Riko worth EUR 5.6 million were activated, state-owned power producer ELEM said on April 9. The foreign company failed to meet obligations in the former Yugoslav republic on the construction of a 36.4 MW hydropower plant (HPP), said ELEM, operator of the facility.

St. Petka HPP was officially delivered on a turnkey basis on February 5, 2013, but some of the works which were specified in the tender documentation were not completed within the prescribed period and their quality did not meet the contractor’s requirements, ELEM said in a statement emailed to SeeNews.

Furthermore, Riko failed to remove some of the faults in the HPP’s operation which were identified during the trial period, Energia.gr portal reported. ELEM also said that St. Petka was delivered 270 days later than agreed, which entails penalties in the amount of 10% of the contract value. The construction of the plant was due to be completed by April 2009.

Hydro plant St. Petka’s annual production is 66 GWh of electricity. The project was worth 75 million euro, the Macedonian government said earlier. ELEM operates two thermal power plants and eight hydropower plants.

Tags: , ,

Related Articles

Spain on track to phase out nuclear, coal by 2035 energy storages

Spain on track to phase out nuclear power, coal by 2035

22 October 2021 - The phaseout of coal and nuclear power plants will be offset with a simultaneous and gradual increase in renewable power capacity

Romania’s supplier Electrica acquires 31 MW solar power plants

Romania’s supplier Electrica acquires 31 MW in solar power plants

22 October 2021 - Romanian power and distribution and supply company Electrica has taken over five firms that operate solar power plants

Slovenia Electricity Supply Act two year delay

Slovenia adopts Electricity Supply Act after two-year delay

22 October 2021 - The National Assembly passed the Electricity Supply Act after adopting amendments that make all end consumers in the market equal

New York City startup Air Co vodka captured CO2

New York City startup Air Co. produces vodka from captured CO2

21 October 2021 - Air Co. calls its vodka the world's most sustainable spirit as it makes the alcohol from captured CO2 and green hydrogen. It just launched a perfume.