CE Oltenia claims to have a stable financial situation, management has met 95% of its KPIs


Bogdan Tudorache

During a scandal marked by political pressure, the CE Oltenia (CEO) management, which could be dismissed next month, claims to have fulfilled 95% of its KPI parameters and leaves the Complex with a stable financial situation.

“The results of 2018 were negative (loss of ROL 1.1 billion) due to exchange rate fluctuations related to investment credits to meet EU environmental requirements and mainly due to the explosion of CO2 prices. (2018 was the record year for the carbon market – EU ETS, according to information on price changes in global carbon markets, updated by Argus Emissions Markets, the value tripling over the year, reaching the highest closing price, from August 2008 to the present)”, reads one of the press releases.

“In 2018, following the updating of the performance indicators for Directors in correlation with BVC (budget)-2018 rectified (approved by Government Decision), a degree of 95.05% of indicators was achieved,” says CEO’s management, in a different statement. However, a report by the Energy Ministry accuses the CEO’s management of producing damages, and it challenged the report in court, according to sources quoted by e-nergia.ro.

In addition, yesterday’s CEO’s announcement shows that ”the amount paid by it for energy certificates produced in 2018 accounts for more than 45% of the company’s turnover … It is important to note that from the operational point of view, without these costs with CO2, CE Oltenia closed 2018 with positive operating result (worth 225 million lei), indicating the stability in the mode of operation of this economic operator.”

In order to solve the issue of CO2 certificates for 2019, the CE Oltenia together with the Ministry of Energy, Transelectrica, OPCOM and the Competition Council have started a project for identifying a support scheme.

Even if the financial effort required to acquire CO2 certificates was over one billion lei, the CE Oltenia complied with the deadline and has a stable financial situation, having contracts for the sale of electricity for the year 2019 of 10.1 TWh, registering zero overdue debts to the consolidated state budget and paying all the financial obligations to the banking institutions, according to the contractual provisions, the press release states.

“As regards the provisions of Law no. 31/1990 – the law of commercial companies, the CE Oltenia is not subject to Art. 15324, respectively the net assets of the company did not diminish to less than half of the subscribed share capital, which is approximately 2.3 times higher than the subscribed share capital.

“Even though some media channels present to the public a catastrophic situation for CE Oltenia, we note that, following the assessment of the company’s financial statements by the banking institutions, they granted CE Oltenia a financial performance rating B, an essential element in appreciation of the efficiency and effectiveness of its economic activity. Stating that Oltenia did not receive any media channel request for a point of view on the issues presented in the articles published on June 6, 2019, we mention that the company maintains a neutral position over any political strategies”, adds the statement.


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