Romanian state – owned thermal electricity producer Complexul Energetic Oltenia recorded a loss of almost EUR 175 million in 2014, reports Pandurul.ro. In 2012, the company posted a profit of EUR 26.5 million.

Laurentiu Ciurel, who was appointed general manager in September 2012, is under investigation in several criminal cases. He is charged with abuse of office for contracts received by the law firm Sova & Asociatii for the Rovinari and Turceni energy projects.

Energy Minister Andrei Gerea said that the Government will analyze the performance indicators and the causes which triggered the losses.

At the end of last week, Prime Minister Victor Ponta said that Complexul Energetic Oltenia was “practically bankrupt” in 2012, but that the company is working after three years.

editor@romania-insider.com