A PYMNTS Company

State aid scheme to close three Romanian coal mines approved

 |  February 22, 2012

The European Commission has approved RON 1169 million (approximately €270 million) in public funding to close three Romanian coal mines: Petrila, Uricani and ParoÅŸeni Collieries. The mines, owned by National Hard Coal Company JSC Petrosani, are considered uncompetitive; as such, they fall under Council Decision 2010/787/EU on state aid, permitting public support to close uncompetitive hard coal mines.

The Commission approved the plan because support will decrease over time, by 2017, and because Romania has committed to measures mitigating the environmental impact of coal and the employment consequences of miners formerly at the three mines.

Source: EC Press Release