Commission greenlights €251 million Romanian aid to CE Oltenia
The European Commission has announced that it has approved a Romanian State aid scheme for assistance to CE Oltenia, a Romanian state-owned lignite-based electricity producer which generates close to 25% of electricity in Romania. Romania plans to grant a €251 million temporary loan to CE Oltenia to help it overcome its current financial difficulties. The loan is expected to mitigate the risk of an insolvency process which would lead to the potential loss of 13,000 jobs in a region already characterised by relatively high unemployment levels.
The decision, adopted under the Commission's Guidelines on rescue and restructuring aid, was taken by the Commission after checking that the loan is limited to meeting the company's well iden