News
Publish date: June 8, 2010
Written by: Ilias Vazaios
News
Vertesi, commissioned in 1961, had been posting heavy losses and continued operating thanks to a yearly coal subsidy of more than $30 million. The EU has set a deadline for a cease of coal subsidy systems, prompting MVM’s decision to terminate Vertesi, one of the last remaining coal plants in the country. The plant will maintain limited operations using biomass and remaining coal stock until the end of the liquidation procedures. Vertesi workforce retraining will be funded by MVM as announced by the company.
The closure of Vertesi serves as evidence of the potential of EU regulation to end unfair subsidisation of emission intensive energy production.
Access more information regarding the closing down of Vertesi coal-fired power plant here.
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