Oltenia Energy Complex (CEO) and the Ministry of Economy will send for approval to the European Commission, through the Competition Council, the company’s restructuring plan, which provides for total investments of 7 billion lei in the period 2021-2026, according to a CEO statement.

The Oltenia Energy Complex has benefited from a rescue aid worth 1.2 billion lei, and will either repay it within a maximum of six months or, if the company’s financial situation does not allow this, it must send to the EC a restructuring plan or liquidation plan, according to Agerpres.

In this context, the viable solution, the only one taken into account by the company’s management and by the Government, is to continue the activity and, implicitly, to submit a restructuring plan that includes a decarbonization program that requires significant investments in the coming years.

Thus, CEO will start a process of modernization and development of new production capacities by diversifying resources, to those based on coal being added less or non- polluting solutions such as production units based on natural gas and photovoltaic parks. All these new investments are provided in the Decarbonization Plan which will be carried out for the period 2021 – 2026, with costs of about 7 billion lei.

The CEO will continue the production based on coal, but in a proportion that will gradually diminish, beyond the horizon of 2030, which is possible through investments of about 2 billion lei.

The restructuring and decarbonisation plan provides for the phased closure of production and mining capacities, as well as the outsourcing of activities. Investments are planned in new production units with a cumulative installed capacity of approximately 2,000 MW.