State aid for CE Oltenia will not be returned, emissions to drop by 45%, Economy Minister says

The Minister of Economy, Virgil Popescu, announced that the state aid that was granted to CE Oltenia would not be returned, and that a restructuring plan of the company would follow.

“I do not expect CE Oltenia to repay the loan, the state aid will be transformed into a restructuring one. Based on a well-defined plan, we will remove about 1,300 MW of coal-based production capacity by the end of 2026, and replace it with 1,450 MW of natural gas energy, plus a photovoltaic park. At the end of 2026, the carbon dioxide emissions of the CE Oltenia will be reduced by 45%,” the minister said at a conference organized by Financial Intelligence.

CE Oltenia will receive a state aid worth 251 million euros, according to GEO 12/2020. The loan must be repaid within six months, with full interest.