“We’re talking with the trade unions now. We might axe another 200 jobs, apart from the already 300 cut in April”, said Constantin Ioanitescu, chief executive of the company.

For the time being, Termoelectrica has a workforce of 2,000 people.

The power supplier recorded loss of 295.2 million lei loss in 2009, due to penalties for loans taken by the company before December 31, 2004. In 2008, Termoelectrica had losses of 344.7 million lei. According to expenses and revenues budget, the company expects losses of 274 million lei.

Termoelectrica is the state-run company that provides thermal energy and electricity by burning fossil fuels and hydrocarbons. The majority shareholder of the company is the Ministry of Economy, Trade and Business Environment.