Romanian electricity transport company Transelectrica Bucuresti has announced that Toni Teau would give up his mandate as member of the Board of Directors and CEO starting April 26 this year, reports local Hotnews.ro.

The resignation comes just days after a crash in the Transelectrica network had left the Valea Jiului coal mines without power for some 11 minutes.

In the last year, failures in the national electricity grid have increased, and blackouts have affected several counties. These crashes have taken place because Transelectrica failed to respect the investment programs. In 2015, the company had to invest about EUR 115 million in the network. However, it invested only EUR 53.3 million.

Transelectrica is one of the key state-controlled companies. The company operates the national power grid and makes sure that the electricity supply meets the demand.

The electricity market has seen some significant imbalances at the beginning of this year as the spot electricity prices spiked in January.

editor@romania-insider.com