The European Commission has greenlighted, under EU State aid rules, Romania's plans to grant CE Oltenia restructuring aid for up to €2.7bn (RON13.2bn). The country plans to sell a 20% stake in the company through a capital increase wih an IPO (initial public offering) by 2026. The restructuring process aims to raise CE Oltenia's attractiveness for investors by improving its environmental footprint and, at the same time, reducing its operating costs. In February 2021, the European Commission opened an investigation on the compliance of the restructuring plan with EU state aid rules.
CE Oltenia (100% state-owned) is third largest power utility with a capacity of 3.2 GW of lignite-fired power plants and accounts for 14% of total power generation (2020). The company was created in 2013 following the restructuring of Termoelectrica and the merger of several power plants (Craiova, Rovinari, and Turceni) with the mining company SNLO. CE Oltenia plans to shut down all its lignite-fired capacity by 2025 and to build 1.4 GW of gas-fired capacities and 300 MW of solar.
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