Romanian state-owned energy producer turns to profit as sales increase

State-controlled Complexul Energetic Oltenia (CEO), one of the biggest power producers in Romania, recorded a RON 2.93 billion (EUR 630 million) turnover in 2017, up by 28.5% over the previous year. The company’s total revenues increased by 18.7%, to RON 4.37 billion (EUR 940 million), local News.ro reported. CEO thus turned to profit after three years of financial losses, recording a net profit of RON 181 million (EUR 39 million). Last year, the company increased its electricity production by 11%, to 15 TWh, covering up to 24% of the domestic electricity market and providing 40% of the electricity used for system services. The group’s coal production also went up by 15.4%, reaching 22.5 million tons. The Romanian state owns 77.15% of the company’s shares and investment fund Fondul Proprietatea owns a 21.55% stake. editor@romania-insider.com