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Hunedoara Energy Complex to reduce its losses by 80 per cent this year

The Romanian Government adopted the 2017 budget for the Hunedoara Energy Complex (CEH), estimating that the losses of the state-owned company will be reduced by 80 per cent.

2017-09-01 15:27:17

The company′s total revenues for this year are estimated at 664.7 million RON (147.5 million Euro), and the expenditures to 833.9 million RON (185 million Euro). These also include the state aid totalling 198.8 million RON (44 million Euro), which was granted to facilitate the closure of the non-competitive Lonea and Lupeni mines for 2017.

"The decrease in CEH's losses this year is mainly due to the change in the way of selling the energy from the regulated market on the free market," said Toma Petcu, the Minister of Energy. "In addition, reorganization and restructuring measures have been taken at the company level and their effects will also be felt in the years to come."

In April, the European Commission approved a rescue aid for Hunedoara Energy Complex, while in return Romania has committed to submit a restructuring plan for the energy producer. The amounts received may not be used in the coal sector, the company assuming the obligation to separate legal mining activity from remaining activities.

CEH is the largest trader in the Jiu Valley and Hunedoara County and is also the only company that supplies heat in Deva and the Jiu Valley cities.



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