The Oltenia Energy Complex estimates for January a profit of more than 44 million lei, after a profit of approximately 200 million lei last year, says a statement posted on the company’s website.

The company responds to the statements made by Nicoleta Munteanu, a partner of Euro Insol insolvency house, who said on Wednesday that “in the next period we will see even very large companies of strategic interest that will go into insolvency. These are Tarom, the Romanian Post and the Oltenia Energy Complex, according to the financial statements submitted by them to the Ministry of Finance”. In mid-January, Greg Konieczny, manager of Fondul Proprietatea, said that CE Oltenia is on the brink of bankruptcy.

In turn, the energy producer shows that, following the presentation to the banking institutions of the company’s activity and of the financial results registered at six and nine months for 2017, the Oltenia Energy Complex has moved from the financial performance category D to the performance category A.

“According to the report that is posted on www.ceoltenia.ro, the company recorded about 325 million lei profit in the six months 2017, zero outstanding debts to the consolidated state budget and paid all financial obligations to suppliers and banking institutions , according to the contractual provisions,” the company’s press release says.

In 2016, the company lost 139.8 million lei. The last year when it made a profit was 2013, when the company reported a net result of 4.59 million lei.

The Oltenia Energy Complex had last year an electricity production of 15 TWh, accounting for almost a quarter of Romania’s total power generation. Compared to the previous year, the company’s energy production increased by over 11%. In 2016, CE Oltenia had an electricity production of 13.5 TWh.

The coal production achieved last year by the CE Oltenia was over 22.5 million tons, up by about 11.5% compared to 2016.

The Oltenia Energetic Complex was set up in 2011 by merging the Rovinari, Turceni and Craiova Energetic Complexes with the Oltenia Lignite National Society. The Ministry of Energy holds 77.15% of the company’s shares, while Fondul Proprietatea controls 21.55% of the shares. The rest of the shares belong to Electrocentrale Grup (0.84%) and the Company for Closure – Preservation of Mines.