OREANDA-NEWS. December 23, 2013. This decision was adopted by the votes of 26 counselors. In addition, it was decided to create a special commission to supervise merger procedure to be composed of 5 municipal council members.

As the general mayor of Chisinau Dorin Chirtoaca noted during the meeting, due to the measures taken, including the increase in tariff for the heat supply to consumers in the recent years, it was possible to improve situation at "Termocom". At the same time, to date it is impossible to repay the historic debts of the company to "Moldovagaz". According to the mayor, the merger of three companies is not the best solution which will guarantee the improvement in the power sector of Chisinau, but it can serve as a basis for improving the efficiency of the energy complex and will allow paying off the company’s debts.

As it was informed before, on November 13, 2013, the Moldovan government approved a resolution on merger of "Termocom" HEC-1 and HEC -2 in the new company. Their merger is a part of heat and power sector reform in Chisinau municipality supported by the World Bank and the Government of Sweden. Taking into account assets and liabilities, the share of HEC -1 in the new company will make 12 % , HEC- 2 - 85% "and Termocom" - 3 %, respectively. The potential structure of shareholders of the company is as follows: Public Property Agency-96.8%, Chisinau Municipal Council - 2.25%, individuals - 0.95%.

After the merger of 3 companies, Moldova can get a World Bank loan of USD 40 million through the International Development Agency / IDA (for 40 years at 0.75 % p.a. with a 10 year grace period): \\$ 20 million - for corporate restructuring and USD 20 million - as a guarantee to the natural gas supplier. The heat power complex of the capital in face of the new enterprise can get World Bank grant for the project to reform and improve energy efficiency.

Economic effect of implementing reforms in heat power sector of Chisinau is estimated at \\$ 8 million. At the same time, this week, the Minister of Economy announced that Moldova has lost the chance to get a WB loan worth USD 20 million on IDA terms, as Chisinau Municipal Council did not take a decision on merger of "Termocom ", HEC-1 and HEC -2 till late November.