The Oltenia Energy Complex, one of the largest energy producers in the country, is preparing investments of 810 million lei this year, according to a press release published on the company’s website. “For the year 2018, investment programs totaling 810 million lei were elaborated, with the following details on organizational structures: SE Rovinari – 370 million lei, SE Turceni – 112 million lei, SE Ișalniţa – 62 million lei, SE Craiova II – 52 million lei, the Mining Directorate – 202 million lei”, reads a press release published on the company’s website.

The energy producer officials say that, in order to continue the rehabilitation and modernization works of the energy group no. 5 from SE Rovinari this year funds were allocated in the amount of 175 million lei, and on April 30 were committed expenses in the amount of 377 million lei, representing the remainder to be paid for previously concluded contracts, the value of the contracts concluded in this year, but also the estimated value of ongoing purchases, according to News.ro.

All contracts signed for energy group no. 5 are due to be completed in 2020. The amounts allocated from own sources increased in the last years from 345 million lei in 2013 to 473 million lei in 2017, the press release informs. The company reported last year a turnover of 28.5%, from 2.28 billion lei in 2016 to 2.93 billion lei.

Revenues increased 18.7 percent, from 3.68 billion lei in 2016 to 4.37 billion lei in 2017, according to the results published on the company’s website. The energy producer posted a net profit of approximately 181 million lei compared to a loss of about 140 million lei registered in 2016. The last year when the company made profit was 2013, when the company reported a net result of 4.59 million lei. Also, the amount of energy produced increased by 11%, from 13.5 TWh to 15 TWh last year.

Coal production increased by 15.4%, from 19.5 million tonnes in 2016 to 22.5 million tonnes in 2017. In 2017, the company operated on average with eight energy groups, covering a share of up to 24% of the energy market and about 40% of the system services required at national level.

The Oltenia Energetic Complex was set up in 2012 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.