In early March, Energy Complex EC Oltenia signed a Memorandum of Understanding with local aluminium producer Alro Slatina for the sale electricity after it completes new gas-fired units, which is expected in 2026. EC Oltenia has signed several large contracts for the sale of electricity on the wholesale market, primarily with electricity supplier Tinmar Energy. In total, the contracts amount to almost 4 TWh of electricity to be delivered in the 2022-2025 period for a total price of over 200 million euros.
The company needs to demonstrate the viability of its restructuring strategy, which is currently under review by the European Commission. The commission’s preliminary conclusion is that proposed restructuring strategy stands little chance to be in line with the state aid regulations, mainly because of the lack of support from other stakeholders (private shareholders, creditors, banks). EC Oltenia needs to obtain the approval of the European Commission (EC) for its restructuring and decarbonizing plan worth 3.5 billion euros. The restructuring plan involves the phased closure of four units in three thermal power plants operated by the company, but only after gas-fired units and four coal pits will be put into operation.
