ELCEN’s loss increased 120-fold to RON1.3 billion in 2019, from RON11.6 million in 2018, per Finance Ministry data.
ELCEN ended 2019 with a turnover of RON1.8 billion, up 9.7% from RON1.6 billion in 2018. The company has been under judicial reorganization since 2018.
ELCEN was established in December 2002, as a branch of S.C. Termoelectrica S.A., by reorganizing this commercial company.
Romania’s Energy Ministry currently is ELCEN’s main shareholder, holding 97.51% of its shares, and the remaining shares are owned by SNGZ Romgaz (a 2.49% stake).
ELCEN is the largest thermal power producer in Romania (40%) and in capital city Bucharest (90%).