Romania's Electrica wins 46 mln euro case against state audit authority

The case, which spanned seven years, saw Electrica challenging a decision by the Romanian Court of Accounts claiming that Electrica had misused company funds, law firm Schoenherr Romania said in a press release on Tuesday.

The Court of Accounts is a state authority charged with conducting financial audits of the management of state and public resources.

The law firm said that a positive court ruling for Electrica was issued in July 2023 and became final this month. The ruling annulled the Court of Accounts' decision, maintaining only a payment obligation for Electrica in the amount of some 1,000 euro.

Electrica Group serves over 3.9 million customers in Romania, operating across distribution, supply, production, and energy services segments. Since 2014, the company has been listed on the stock exchanges in Bucharest and London.

Electrica shares traded 1.23% higher at 13.16 lei ($2.81/2.64 euro) as at 1326 CET on Wednesday on the Bucharest bourse.

($=0.939988 euro)