Romania’s state-owned thermal electricity producer Complexul Energetic Hunedoara received a state aid worth EUR 22 million on July 16, which is part of a wider program aimed at saving the company.

It will use the money to cover current expenses and the acquisition of greenhouse gas certificates.

The company will get a second tranche, worth EUR 15 million, to cover its operating costs in the next six months. In order to get this aid, the company must produce a restructuring plan, which must be approved by the European Commission.

The company can’t spend the money on the coal mining operations, which it must separate from the rest of its activities, as part of the restructuring.

The company operates two thermal power plants and four coal mines. It had EUR 150 million sales and EUR 78.6 million losses in 2014, and almost 6,700 employees.

editor@romania-insider.com