Complexul Energetic Oltenia (CEO), the second-largest electricity producer in Romania, will send to the European Commission (EC) a restructuring plan that includes investments worth RON 7 billion (EUR 1.45 bln) by 2026.

The group aims to reduce its coal-based power production and gradually close its coal mines to make the transition to cleaner energy, Ziarul Financiar reported.

CEO plans to develop eight photovoltaic parks next to its power plants in Turceni, Rovinari and Isalnita, with a total installed capacity of 700 MW. It also wants to build new gas power plants at Turceni and Isalnita, with a total capacity of 1,300 MW.

The plan includes professional reconversion for some of the employees as well as layoffs.

The company plans to draw EU funds to finance its investment plans.

CEO produces about 20% of Romania’s electricity and has a crucial role in the stability of the local electricity market. The company received a RON 1.2 billion (EUR 250 mln) loan from the Romanian Government and has to pay it back or come up with a restructuring plan approved by the European Commission to avoid liquidation.

editor@romania-insider.com

(Photo source: Facebook/Complexul Energetic Oltenia)