#52026AS117913Modification of Restructuring Plan of CE Oltenia
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The law concerns the modification of the restructuring plan for CE Oltenia, a Romanian public company involved in lignite mining and power generation. It includes an extension of the restructuring period from 2026 to 2029 and an increase in approved restructuring aid from EUR 2.66 billion to EUR 2.86 billion, addressing rising restructuring costs. The modifications aim to ensure CE Oltenia's long-term viability while managing the impacts on competition and market dynamics.
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Key Changes
- Restructuring period extended from 2026 to 2029.
- Increase of restructuring aid from EUR 2.66 billion to EUR 2.86 billion.
- Need to ensure long-term viability without additional aid.
Obligations
What this law requires
Romania must ensure CE Oltania fully implements all measures included in the Modified Restructuring Plan by 31 December 2029, including phase-out of lignite capacity, workforce reduction, CO2 emissions decrease, share capital modifications, SPV establishment, bank financing agreements, Craiova power plant spin-off, lignite subsidiary creation, and divestment of no less than 20% of shares
Romania must ensure CE Oltania achieves long-term viability by the end of the restructuring period (31 December 2029) without requiring additional aid beyond the EUR 2.86 billion approved
Romania must implement additional measures to mitigate distortions of competition created by the additional EUR 202 million restructuring aid increase
CE Oltania must increase its own contribution from the beneficiary or third-party lenders/investors corresponding to the increased restructuring costs from EUR 3.94 billion to EUR 4.36 billion
Romania must provide documentation demonstrating that reported delays in implementing the Initial Restructuring Plan were outside the control of the beneficiary or Member State, and justify why relaxation of timeline conditions does not warrant reduction of aid amount