The European Commission has opened an in-depth investigation to assess whether the changes proposed by Romania to the restructuring plan of the electricity company CE Oltenia are in line with EU state aid rules.
In January 2022, the Commission has conditionally approved EUR 2.66 billion (RON 13.15 billion) of restructuring aid granted by Romania for the CE Oltenia, supporting the company's restructuring plan for the period 2021-2026. The Commission approved the restructuring aid under Guidelines on State aid for rescuing and restructuring non-financial firms in difficulty („Rescue and Restructuring Guidelines”).
Commission investigation
In December 2025, Romania notified an amended restructuring plan, increasing the restructuring aid from EUR 2.66 billion to EUR 2.86 billion and extending the restructuring period by three years until the end of 2029. Romania claims that the reason for the extension is the delayed implementation of new solar and gas-fired power plants, which in turn delayed the phasing out of CE Oltenia's existing lignite-based capacities. Romania argues that there is a security of supply risk in the region due to the current geopolitical situation. Romania, through CE Oltenia, is the main supplier of electricity to neighboring Moldova and one of the energy suppliers to Ukraine.
At this stage, on the basis of the information provided by Romania, the Commission has to verify whether the revised restructuring plan is compatible with EU state aid rules. The Commission has therefore decided to open an in-depth investigation to assess in particular:
- whether the period for which the plan is extended is reasonable and whether the plan continues to restore the long-term viability of CE Oltenia;
- whether the contribution of CE Oltenia, investors or financial institutions to the increased restructuring costs is sufficient to ensure that the aid remains proportional;
- whether Romania would implement appropriate additional measures to limit the distortions of competition created by the additional aid;
- whether the delays in implementing the key steps of CE Oltenia's restructuring plan were beyond the control of CE Oltenia or Romania.
The opening of an in-depth investigation gives Romania and interested third parties, including CE Oltenia, the opportunity to submit comments. This is without prejudice to the outcome of the investigation.
CE Oltenia is a Romanian state-owned enterprise active in lignite extraction and electricity generation. It is controlled by the Romanian State (87.48 % of shares), the remaining shares being held by the investment fund Fondul Proprietatea (11.81 %) and other state-owned enterprises. CE Oltenia is one of the main employers (more than 8 000 employees) in a region with unemployment rates consistently above the national average.
Guidelines on State aid for rescuing and restructuring non-financial firms in difficulty allow Member States to support companies in difficulty under certain strict conditions. In particular, where restructuring aid has been approved, the Member State concerned may, during the restructuring period, ask the Commission to accept changes to the restructuring plan and the amount of aid.