Romanian Govt. moves to help coal and power group CE Oltenia before EC’s approval

Romania's Government will help coal and power complex CE Oltenia (CEO) buy the emission certificates it needs by the end of April, before the European Commission completes its in-dept investigation to evaluate whether the state aid complies with the EU regulations, announced the head of the Competition Council, Bogdan Chiritoiu.

He didn't explain how the Government could help CEO before the EC's green light but stressed that "the investigation may take months" and "the money is in the [state] budget."

The management of CE Oltenia approved contracting a RON 241 million (EUR 50 mln) loan from the Finance Ministry, according to a document consulted by Profit.ro. The company will use its assets as collateral for the loan. The money (EUR 50 mln) is enough for purchasing the emission certificates related to the electricity production last year - which the group must buy by the end of April.

In total, Romania's Government wants to give CE Oltenia over RON 1.3 bln (over EUR 250 mln) to cover the company's costs with emission certificates until 2025.

(Photo source: Facebook/Complexul Energetic Oltenia)