According to the restructuring plan of coal-based electricity producer Energy Complex (EC) Oltenia, which was approved by the European Commission in early January, the Romanian state has committed to sell stake 20 % in the company by the end of 2026.
The restructuring plan envisages total investments in the company of 3.9 billion euros by 2026, of which 2.5 billion euros comes from state aid. The main restructuring measures include the coal phase-out, the separation of the Craiova power plant into a separate legal entity, staff reductions, operational excellence and efficient management, digitalization and the abandonment of non-core assets.
The plan also envisages the construction of 1,325 MW in combined cycle gas plants (to be put into operation in 2026) and of 735 MW in solar power plants (in operation in 2024), to replace the current coal-based capacities.
However, the plan stipulates that two coal-fired units at TPP Rovinari and one at TPP Turceni will remain in capacity reserve until 2030 and 2029, respectively, meaning that they will be able to use coal to produce electricity in case of need. The three units have a total capacity of about 1,000 MW.
Regarding the coal phase-out, the Romanian state pledged to create a separate subsidiary of EC Oltenia which will include and operate existing coal -fired units groups and other assets of the EC Oltenia not including gas-pired and RES power plants. The accounts of the coal-based subsidiary will also be separated from those of the EC Oltenia. These lignite capacities will be reduced over time until they are completely phased-out, in accordance with the national schedule.
At the end of the restructuring period, 20 % of the state-owned stake in the company will be sold on the market. It is unknown at this time if the shares will be listed on the stock exchange.
