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Alpiq reviews its business in Romania

State-owned energy company Hidroelectrica has unexpectedly cancelled its long-term delivery contracts with Alpiq's two Romanian subsidiaries. The cancellation will have a negative impact on Alpiq's 2012 results.

On 20 July 2012 Romania's state-owned energy company Hidroelectrica, which has been involved in insolvency proceedings since 20 June 2012, unexpectedly cancelled the delivery contracts with Alpiq's two Romanian subsidiaries Alpiq RomIndustries and Alpiq RomEnergie, with effect from 1 August 2012. This decision by Hidroelectrica has broken off the ongoing negotiations despite Alpiq acting in good faith to reach a mutually satisfactory conclusion. Alpiq has launched a legal assessment of the situation. Due to the changed circumstances, the company now intends to review its business in Romania.

Cancellation of the long-term contracts will impact Alpiq's 2012 results. The book values of the contracts, incl. goodwill from acquisitions, amount to around CHF 80 million, with EBITDA at around CHF 20 million.