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EU approves €2.7 billion restructuring aid for Romanian power company
- 2 years ago (2022-01-28)
- David Flin
The European Commission has approved Romania’s plans to grant restructuring aid of up to €2.7 billion to the power company Complexul Energetic Oltenia (CE Oltenia). CE Oltenia is the third largest electricity producer in Romania.
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This will support the company’s restructuring, to help decarbonise Romania by replacing lignite-based electricity production with power generated from natural gas and renewables. This will enable CE Oltenia to improve its environmental footprint as well as reduce its operating costs.
Margrethe Vestager, Executive Vice President for Competition Policy with the European Commission, said: “The restructuring plan submitted by Romania will ensure that CE Oltenia can return to long-term viability without the need of continued state aid. The public support comes with safeguards to make sure that possible distortions of competition are kept to the minimum and that the measures will support the EU decarbonisation objectives, in line with the European Green Deal.”