The management of the Oltenia Energy Complex (CEO) welcomes the decision of the European Commission, announced on January 26, to approve the restructuring aid of up to 2.66 billion euros (13.15 billion lei) which ensures the revitalization and long-term viability of to one of the key companies of the National Energy System, the company announced.

According to the president of the Oltenia EC Directorate, Daniel Burlan, quoted in a company statement, “the decision of the European Commission means saving and, at the same time, modernizing the Oltenia Energy Complex”.

“The decision of the European Commission means saving and, at the same time, modernizing the Oltenia Energy Complex. This is the news we expect from the success of both the company and Romania. I have worked hard in recent years and this is validated and accepted by Brussels, I would like to thank all those who contributed to this success – the CE Oltenia team, the CEO’s Supervisory Board, the consulting firms PricewaterhouseCoopers and Energobit, representatives of The Ministries of Energy, Finance, the Competition Council and the Fondul Proprietatea, a joint project whose success is essential for Romania’s energy independence. The ongoing dialogue with the European Commission and the constructive debates for finding viable solutions have brought us to this important point from which we can build a sustainable future for CE Oltenia,” said Daniel Burlan.

According to the press release posted on the company’s website on Friday, since the European Commission opened its in-depth investigation in February 2021, significant changes and improvements have been made to the Restructuring Plan notified in December 2020. In particular, new financial instruments have been proposed to ensure an adequate remuneration for the Romanian state aid in favor of the EC Oltenia, the criterion of the adequacy of the state aid being thus fulfilled.

At the same time, the Commission considered that the aid was proportionate, with the company’s own contribution and that of market investors to the projected restructuring costs amounting to more than 30% of the restructuring costs (EUR 1.24 billion), half of which is financed from private investors and financial institutions, granted on market conditions.