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Oltenia Energy Complex welcomes European Commission's decision to approve restructuring aid
complexul energetic oltenia

The leadership 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 RON) ensuring the revitalisation and long-term viability of one of the key companies of the National Energy System.

According to the president of the Oltenia EC Directorate, Daniel Burlan, quoted in a company statement, "the decision of the European Commission means the salvation and, at the same time, modernisation of the Oltenia Energy Complex".

"The decision of the European Commission means the salvation and, at the same time, modernisation of the Oltenia Energy Complex. This is the news we were expecting and the success of both the company and Romania. We have a Restructuring and Decarbonisation Plan in line with European environmental policies, on which we have been working hard in recent years and which is being validated and accepted in 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 Fondul Proprietatea. It is 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.

"The European Commission's green light is also very important because it now allows us to access the Modernisation Fund. It is about 895 million euros that will finance the gas plants in Turceni and Isalnita and the 8 photovoltaic parks. The timing of the European Commission's favorable decision with the processes that will lead to partnering transactions, bank financing and from the Modernisation Fund was the fundamental element for success, a fact that makes us happy and obliges us at the same time," Daniel Burlan went on to say.


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