The state-controlled thermal power producer Complexul Energetic Hunedoara (CE Hunedoara) estimates RON 291 million (EUR 62 million) losses this year, 62% lower compared to last year.
The holding projects EUR 96 million revenues and EUR 158 million expenses. The negative result is mainly grounded on the unfavorable economic conditions, after the government deregulated the energy market, according to the explanatory note of the budget draft.
CE Hunedoara has a natural disadvantage as it uses the most expensive fuel to generate electricity. Nevertheless, the company undergoes reorganization, which should have some visible effects in the following years.
CE Hunedoara has about 5% market share in Romania’s electricity market and employs about 4,400 people. The company was set up in 2012, is controlled by the state and comprises several loss-generating power plants and the National Coal Company. It entered insolvency in 2016.