Complexul Energetic Oltenia (CEO), one of the biggest state-controlled electricity producers in Romania, estimates a profit of some RON 200 million (EUR 43.8 million) for last year and says it has a stable financial situation.

The company’s statement came after Greg Konieczny, the manager of Fondul Proprietatea, said that CEO was one step away from bankruptcy. Fondul Proprietatea is a minority shareholder in the company.

“Of all the companies we have in our portfolio, we are most worried about the situation at Complexul Energetic Oltenia. We’ve seen that the high electricity prices helped last year, but they are on the edge of surviving or not as a company,” Konieczny said in a press conference.

CEO representatives reacted saying that such messages damage the company. The power producer, which has yearly revenues of some RON 2,9 billion (EUR 635 million), said its financial situation was stable and that it had no overdue debts.

Complexul Energetic Craiova produced 15 TWh of electricity in 2017, namely 24% of Romania’s total electricity production. The company operates several coal power plants and coal mines in Romania’s southwestern area and has 13,300 employees.

editor@romania-insider.com

(photo source: Complexul Energetic Oltenia on Facebook)