Power producer CET Govora files for insolvency

CET Govora, the state-owned electricity and heat producer, has filed for insolvency.

The company was a supplier for several cities, including Ramnicu Valcea.

CET Govora has debts of around EUR 200 million for the coal it got from another state-owned company, Complexul Energetic Oltenia.

The company also has to recover money. For instance, it should receive RON 137 million from state-owned petrochemical plant Oltchim, which is at present in insolvency.

Aside from the production of heat and electricity, CET Govora also handles the distribution of heated water in Ramnicu Valcea, Baile Olanesti and Calimanesti-Caciulata.

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Last year, CET Govora registered losses of EUR 14.8 million, while its revenues amounted to EUR 101 million, according to local media reports.

Ovidiu Posirca