The current energy crisis has forced the country’s power supply company (OSHEE) to take an €80 million overdraft from domestic commercial banks.

According to official data, the Energy Distribution Operator sealed 8 loan contracts with 4 separate banks in order to buy electricity.

2 of these overdrafts were delivered in November and another 3 in December, while the deadline to pay the due amount is a year.

The loan is part of an aid package allocated by the Albanian government for this sector, after soaring prices in the global market.

In total, the executive approved €200 million in guarantees for OSHEE’s debt, so that the loan would be with a low repayment risk and low-interest rates.

The draft’s interest rate for the months of November and December was over 5%, while the 12-month treasury bonds ranged from 1.6% to 1.7%.

OSSHEE spent €228 million to secure electrical power for the first half of the year only for a price of €206 MWh.