The company Horus reviewed the report of the expert commission set up by the Public Property Agency to investigate the emergency shutdown of the power unit No. 3 (CHP Source 1) of Thermoelectrica S.A. and announces the following:

An expanded panel of energy professionals, academic and civil society experts studied the incident for almost three months.

When preparing the report, the commission took into account the manufacturer's regulations and facility maintenance protocols, studied the specifications for current repair works and held several meetings with employees of Termoelectrica S.A., as well as consultations with representatives of similar enterprises from abroad.

The commission determined the root cause of the accident: a fluid leak that caused a short circuit in the generator was due to corrosion and wear of the metal.

The commission made it clear that the cracked pipes were not the subject of Horus' repair works of Power Unit 3.

​The findings of the commission set up by the Public Property Agency are similar to those of our own internal investigation which we publicly announced a few days after the accident, at a press conference.

The main question that remains after the commission released its findings on the damage of 11/11/2022 is: Who will compensate Horus for the profound damage done to its image by politicians who have fallen out of favor, so-called civil society "experts" together with journalists who claim to be acting freely and independently?

And one more question for judges and human rights activists: where is the line between freedom of speech and carefully crafted, planned, paid and targeted attacks on our group of companies through the media?

​With regard to the recommendations presented by the commission, we believe that some of them are extremely important for the development of the energy sector.

​The need to modernize the generators of power units 1 and 2 at CHPP, Source 1, by changing the external position of the pipes of the water cooling system, is obvious. No less obvious is the need to change the existing regulatory framework in order to update the requirements for the operation of equipment and investigation of accidents and emergencies in the energy sector.

The one recommendation which, in our opinion, raises questions is the need to extend the lifetime / period of operation of existing equipment until the construction of a CHP plant, using new technologies, is completed. In the context of this recommendation, the following questions need to be addressed:

Who will be held responsible for the cancellation “for political reasons” of the last year's spring tender held under the World Bank program, which included modernization to extend the lifetime of power units 2 and 3 at the CHPP Source 1, Termoelectrica S.A.?

Who will be held accountable for the removal of the section on financing the modernization of power units 2 and 3 at the CHPP, Source 1, Termoelectrica S.A. from the World Bank assistance program?

Who will cover the difference in the cost of the upgrades to be carried out, given that the prices have tripled since Horus’ offer last year?

​The Horus group of companies hopes that the new government returns to the decisions taken last spring on the issue of modernizing Termoelectrica S.A. Our offer still stands.

Horus Public Relations Department