Electrocentrale Craiova SA

  • Investment Summary
  • Fund Stake 21.56%
  • Sector Electricity Generation
  • Website N/A

Shareholders of CE Oltenia approved the spin-off process of Craiova II power plant and related actions in the GSM as of 18 August 2022. The registration with Trade Registry of the newly set-up entity and correspondent decrease of the share capital of CE Oltenia has been performed as at 30 September 2022.

The spin-off uses as cut-off date the financial statements of CE Oltenia as of 31.12.2021 and implies a symmetrical spin-off by way of transferring the assets and liabilities related to Craiova II Power Plant Branch to a newly established company which shall mirror percentage wise the current shareholding structure of CE Oltenia and will have a share capital of RON 23,829,130.

As a result of the spin-off, FP’s number of shares in CE Oltenia will be decreased with its corresponding shares in Craiova II, respectively from 5,828,033 to 5,314,279 shares, however maintaining its 21.559% stake holding.

The company's activity is mainly oriented towards the production of thermal energy for the Municipality of Craiova and the economic agents in the area, and it has available two energy groups of 150 MW and 160 Gcal/h (groups 1 and 2) , groups that operate in cogeneration, and thus, during wintertime, the maximum electrical power decreases in favor of thermal energy. The two groups can use a gas supply as well. These groups also provide thermal agent for the municipality of Craiova's heating and technological agent for the Ford car factory. No major rehabilitation and modernization works were carried out on these groups, these being the newest within the divided company, put into operation between 1987 and 1989.