Court of Accounts report: Energocom failed to ensure integrity of all natural gas procurement files

Energocom company under emergency situations procured natural gas in compliance with the requirements and rules of the Commission for Emergency Situations, the European Bank for Reconstruction and Development and the regulatory framework related to the field. However, the entity did not ensure the integrity of all procurement files for natural gas. These are the conclusions of the Court of Accounts, following the audit of Energocom's activity during 2021-2023.

Another finding concerns the risk of not recovering the costs for creating and maintaining the natural gas security stock due to ongoing litigation. It is also noted that the accounting of the natural gas security stock worth about 541.4 million lei, as well as its management in the event of an emergency state termination, are carried out in the absence of certain regulations, indicating potential risks to its quantitative and qualitative integrity.

The audit further reveals that the unregulated prices for natural gas supply were set below actual cost levels, which led to certain losses. According to information provided by 'Energocom', during the years 2021 and 2022, the company recorded a net profit from the supply of natural gas at unregulated prices amounting to a total of 353,900 lei and 100.7 million lei, respectively, while in 2023, it recorded a net loss totaling 315.5 million lei due to the application of a lower selling price compared to actual costs.

Moreover, it is mentioned that the unregulated price for supplying electricity was established in accordance with internal regulations, ensuring a correct balance between costs and tariffs. Thus, according to financial data presented by Energocom, during the period 2021–2023, the company registered a net profit of 81.5 million lei from the supply of electricity at unregulated prices: 2.9 million lei in 2021, 20.8 million lei in 2022, and 57.8 million lei in 2023.

The Court of Accounts report also mentions the claims assigned from Termoelectrica worth about 1.33 billion lei, which were not adequately evaluated in the accounting records, delaying the reimbursement process due to the late signing of the installment schedule. It was also highlighted that, although Energocom established a branch and a subsidiary with headquarters in Romania ('Energocom Gas & Power' Ltd), their activity did not have a significant impact on the company's operations, underscoring the need to reassess their operational and financial strategies.

Following the audit mission, the Court of Accounts presented Energocom with recommendations to regulate the procurement file management process; develop an information system that would integrate and consolidate accounting information with that of the trading service; correctly apply international standards on re-evaluating natural gas stocks. It is also recommended to implement internal procedures for monitoring the realization of the claim reimbursement schedule of Termoelectrica valued at 1.33 billion lei, as well as establish internal procedures for monitoring the activity of the founded entity, 'Energocom Gas & Power' Ltd, in accordance with the development strategies in the field.

The audit report was sent for information, examination, and, where appropriate, implementation of recommendations by the Parliament, the President of the Republic of Moldova, the Government, the Ministry of Finance, the Ministry of Energy, the National Energy Regulatory Agency, the Public Property Agency, as well as 'Energocom'.

The external public audit mission was carried out in accordance with the Court of Accounts Audit Activity Program for the years 2024 and 2025.