State-owned thermal electricity producer Complexul Energetic Hunedoara will enter a massive restructuring process that will include closing two of the company’s four operating coal mines.

The company will also keep only two of its power generating units, with a total capacity of 400 MW out of a total 1,225 MW, reports local Hotnews.ro This will also lead to significant layoffs.

Complexul Energetic Hunedoara has over 6,000 employees. The company went into insolvency, in January this year, as it couldn’t pay its debts, totaling EUR 335 million. The state is the company’s main creditor.

The restructuring process is the only way to save this company, which has a strategic role in Romania’s energy system, according to energy minister Victor Grigorescu. He said he would present the restructuring plan to the European Commission.

Complexul Energetic Hunedoara used to have seven coal mines, but three of them have already been closed.

editor@romania-insider.com