CET Govora revenues rose by RON30 million in the first six months since the start of the insolvency procedure following the measures taken by the judicial administrator, including renegotiation of all commercial contracts.
The additional revenue generated by the new contract will allow CET Govora to invest, in the upcoming years, over EUR48 million in equipment required by environment protection norms.
Euro Insol obtained a 35% price increase for the industrial steam produced by CET Govora after denouncing the company’s contracts in August 2016.
In May 2016, CET Govora went insolvent following overall loses of RON232.8 million and debts of RON397.6 million, triggered by the sale of thermal and electric power below costs in the last ten years to chemical plant Oltchim and Ciech Soda.