State aid for CE Oltenia will not be returned, emissions to drop by 45%, Economy Minister says

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State aid for CE Oltenia will not be returned, emissions to drop by 45%, Economy Minister says

Published on

February 24, 2020

The Minister of Economy, Virgil Popescu, announced that the state aid that was granted to CE Oltenia would not be returned, and that a restructuring plan of the company would follow.

“I do not expect CE Oltenia to repay the loan, the state aid will be transformed into a restructuring one. Based on a well-defined plan, we will remove about 1,300 MW of coal-based production capacity by the end of 2026, and replace it with 1,450 MW of natural gas energy, plus a photovoltaic park. At the end of 2026, the carbon dioxide emissions of the CE Oltenia will be reduced by 45%,” the minister said at a conference organized by Financial Intelligence.

CE Oltenia will receive a state aid worth 251 million euros, according to GEO 12/2020. The loan must be repaid within six months, with full interest.

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