Termoelectrica

What Termoelectrica does

Termoelectrica S.A. is a state-owned joint-stock company of the Republic of Moldova and the principal producer of electricity and thermal energy in cogeneration mode in the country. Founded in 2015 through the absorption of CET-2 into CET-1 and acquisition of the functional unit of bankrupt S.A. Termocom, the company traces its operational roots to the first combined heat and power plant commissioned in 1955. Headquartered in Chisinau with approximately 1,800 employees, Termoelectrica operates multiple thermal generation assets (CET Sursa I, CET Sursa II, CT Vest, CT Sud, and suburban stations) and an integrated distribution network spanning over 190 km of rehabilitated pipelines and 10 modernized pumping stations.

The company serves approximately 500,000 residential consumers across 4,430 buildings in Chisinau municipality, delivering about 650 million kWh of electricity annually to the National Energy System (representing roughly 15% of national consumption) and approximately 1.3 million Gcal of thermal energy per year. Its core technology is cogeneration combined heat and power, supplemented by Individual Thermal Points (PTIs) enabling apartment-level metering and the Autonomous Centralized Heating solution, which delivers documented consumer heating-cost savings of 30-50%. Recent additions include a modular biomass thermal plant using Miscanthus energy crop and the capital reconstruction of Energy Block No. 1 at CET Source I.

Termoelectrica operates a regulated utility business model with tariffs set by ANRE (National Energy Regulatory Agency). Revenue is generated through three subscription-style streams: thermal energy supply (heating and hot water), electricity generation and delivery to the national grid, and a niche industrial steam supply. The company is financed through state backing and multilateral development institutions, with the 326 million EUR OSACET program (EBRD/EIB), PIESACET 1 and 2 (World Bank), and an active EBRD-financed Phase II in Balti signaling a multi-year capital investment cycle. The company maintains four ISO certifications (9001, 14001, 45001, 50001) under an Integrated Management System and reaches customers through a call center (1300), consumer portal, Infobon online billing platform, and physical service centers.

Name

Termoelectrica

Legal name

Termoelectrica S.A.

Website

https://termoelectrica.md

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Termoelectrica S.A. is Moldova's state-owned principal cogeneration utility, producing electricity and thermal energy and operating the district heating network for approximately 500,000 consumers across 4,430 buildings in Chisinau municipality.

Ownership category

akta.pro rank

Product category

District Heating and Thermal Energy

NAICS

Steam and Air-Conditioning Supply (221330), Electric Power Generation (22111)

SIC

Cogeneration Services & Small Power Producers (4991), Heating Equipment, Except Electric & Warm Air Furnaces (3433), Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585)

akta.pro primary industry

Onsite Low-Carbon Heat & CHP (Electrified CHP, Fuel Cells, Renewable CHP) (EUABAJAI)

akta.pro secondary industries

Chillers, Boilers & Central Plant Operations (BPABACAG), Boiler & Hydronic Heating Repair & Service (HSAOAHAG), Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC)

Keywords

• District heating services
• Thermal energy supply
• Cogeneration power production
• Centralized heating systems
• Industrial steam supply

Headquarters

HQ city

Chisinau

HQ country

Moldova

HQ region

Europe

Offices8 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Supply Chain, Infrastructure, Operations, Technology or R&D, Others

Revenue model

1. Thermal Energy Supply: Production and distribution of thermal energy for heating and hot water to approximately 4430 buildings or 500,000 consumers in Chișinău. Annual production of approximately 1.3 million Gcal of thermal energy.
2. Electricity Generation and Delivery: Principal producer of electricity in cogeneration mode in Moldova, delivering approximately 650 million kWh annually to the National Energy System, representing approximately 15% of the country's total electricity consumption.
3. Industrial Steam Supply: Production and supply of industrial steam - a unique product in the domestic energy resources market combining safety, efficiency and minimal environmental impact.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Termoelectrica S.A. is the principal producer of electricity and thermal energy in cogeneration mode in Moldova, operating a vertically integrated district heating system. The company produces and distributes thermal energy (heating and hot water) to approximately 4,430 buildings or 500,000 consumers in Chișinău municipality, generates approximately 650 million kWh of electricity annually (about 15% of Moldova's national consumption), and supplies industrial steam as a unique offering on the domestic energy market. It also delivers Autonomous Centralized Heating solutions with individual metering and Individual Thermal Points (PTI) installed in over 1,130 buildings.

Product overview

Termoelectrica S.A. is the main producer of electricity and thermal energy in cogeneration mode in Moldova, and the principal distributor and supplier of thermal energy for Chișinău municipality. The company's core offering is a vertically integrated district heating system comprising electricity production, thermal energy production/distribution, and heating/hot water services. Key product modules include: (1) Cogeneration electricity and thermal energy production via CET Sources I and II, CT Vest, CT Sud, and suburban boiler stations; (2) Thermal energy distribution through a network of over 190 km of rehabilitated thermal pipes, 10 modernized pumping stations, and individual thermal points; (3) Autonomous Centralized Heating (Încălzire Centralizată Autonomă) - a modern solution with horizontal distribution and Individual Thermal Points (PTI) providing individual control and metering; (4) Industrial steam supply as a unique market offering. Supporting services include E-Factura electronic invoicing, the online Contul Meu Infobon consumer portal, and Punct Termic Individual (PTI) installations for improved energy efficiency. The company operates the PIESACET 1 and PIESACET 2 projects financed by the World Bank for system modernization.

Differentiator

Problem solved

Functional benefit

Products and services

• Electric and Thermal Energy Production (Cogeneration) Cogeneration production of electricity and thermal energy from CET Sources I and II. Termoelectrica is the principal producer of electric power in cogeneration mode in Moldova, delivering approximately 650 million kWh annually to the National Energy System (about 15% of national consumption).
• Thermal Energy Supply Distribution and supply of thermal energy for heating and hot water. Main producer, distributor, and supplier of thermal energy in Moldova, serving 4,430 buildings or approximately 500,000 consumers in Chișinău municipality. Produces and supplies approximately 1.3 million Gcal of thermal energy annually.
• Heating (Centralized) Centralized heating services for residential and institutional consumers connected to the SACET (Centralized Heat Supply System) network in Chișinău.
• Hot Domestic Water Continuous hot water supply services for residential and institutional consumers connected to the centralized heat supply system in Chișinău.
• Industrial Steam

Quantifiable outcome

• 30-50% reduction in heating costs for consumers with autonomous centralized heating
• +5 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Eight partnerships are on record, tiered flagship, minor and core.

• IGFPP (Institutul de Genetică, Fiziologie și Protecție a Plantelor)flagshipStrategic or Co-development PartnerPartnership for integration of Miscanthus energy plant in centralized heating production cycle. Project valued at approximately 1.7 million lei, co-financed from state budget through National Agency for Research and Development.
• British Embassy / UK GovernmentminorStrategic or Co-development PartnerCollaboration through Terravesta UK company for biomass energy technology transfer. Ambassador Steven Fisher attended biomass plant inauguration.
• MoldovagazcoreStrategic or Co-development PartnerStrategic collaboration for gas supply and energy security. Company has paid over 670 million lei to reduce historic debt to Moldovagaz.
• ANRE (National Energy Regulatory Agency)coreOthersRegulatory oversight body that approves tariffs and investment plans for the company.
• Centrul de Calcul InfoboncoreTechnology or IntegrationPartnership for billing, payment processing, and customer account management services. Company offers online payment through Infobon platform.
• Municipality of ChișinăucoreStrategic or Co-development PartnerPrimary municipal government partner for district heating services. Viceprimar Ilie Ceban collaborates on energy security projects.
• Ministry of Energy of MoldovacoreStrategic or Co-development PartnerGovernment ministry overseeing energy policy. Victor Gropa serves as consultant. Ministry supports company's modernization projects.
• Institutul de EnergeticăminorStrategic or Co-development PartnerLong-term partnership for training specialists in energy sector, contributing to development of Moldova's energy field. Director Mihai Tîrșu provides expertise.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Fortum: Nordic-headquartered utility with significant district heating and CHP operations across the Baltics, Poland, and Germany. Comparable to Termoelectrica as a vertically-integrated heat and power producer operating municipal heating networks in cold-climate geographies.
• ENGIE: Global energy operator with substantial district heating and CHP businesses across Europe. Comparable to Termoelectrica in offering cogenerated heat and electricity to municipal and industrial customers.
• E.ON: Major European utility with heating networks and CHP in Germany, Hungary, and Eastern Europe. Comparable as a broad incumbent offering municipal district-heating and energy services.
• ČEZ Group: Czech vertically-integrated utility with significant CHP and district-heating operations in Central/Eastern Europe. Comparable in scale, business model (regulated CHP + district heating), and EU regulatory context.

Direct peers

• Dalkia: A leading European district-heating and cogeneration operator (subsidiary of EDF group). Directly comparable to Termoelectrica as both operate centralized CHP and district-heating networks serving residential and industrial customers, with a similar business model of producing and distributing thermal energy.
• MVV Energie: German municipal utility operating large-scale district heating and CHP. Closely comparable to Termoelectrica in operating a regulated, municipal-scale cogeneration business serving residential and commercial heat demand.

Others

• Saint-Gobain (Heating & District Energy components): Provides district-heating piping and heat-distribution components used in European district heating infrastructure. Adjacent/ecosystem participant comparable as a supplier of the kind of pipeline and network assets Termoelectrica is deploying under OSACET.

Regional players

• Premier Energy Moldova: Electricity and natural-gas distributor operating in Moldova. Comparable as a domestic Moldovan utility peer operating in the same regulatory and market environment as Termoelectrica.
• MVM Group (Hungary): Hungarian state-owned energy group with CHP and district-heating assets. Comparable as a regional state-owned utility operating centralized thermal-energy systems in a post-Soviet EU-border economy.
• Veolia Energia Chișinău (previously) / Veolia Energie Romania: Veolia operates district heating and energy services in Romania and previously in Chișinău. Directly comparable as a regional district-heating peer with similar CHP/distribution assets serving residential consumers in Eastern Europe.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/Termo_Electrica
• YouTubeyoutube.com/channel/UCKIty2ow0ZjDA1_PAYxhqUQ
• Facebookfacebook.com/termoelectricasa
• Instagraminstagram.com/termoelectricasa
• LinkedInlinkedin.com/company/termoelectrica-s-a-

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Termoelectrica