Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
AES Hungary, the Hungarian unit of the US-based AES Corporation, notified to the county's labour authority the layoff of 125 workers at 71MW biomass-fuelled Borsod Power Plant and the layoff of another 78 workers at the 90MW coal-fuelled Tiszapalkonya Power Plant. The two plants had become less competitive due to long-term decline in the price of wholesale electricity, the rising price of coal and biomass and an increase in expenses related to carbon-dioxide emissions.
Negotiations between the management and trade union representatives were held on 7 March 2011. The aim of these negotiations was to discuss the extra benefits to be paid to the affected workers and inform the employees about the situation at the plants.
The country manager said he was not aware at the time of the negotiations that the agreement signed with the trade unions about the additional social remuneration will not be covered by AES Corporation. The Electric Workers Trade Union (VDSZSZ) has sent a letter to the Hungarian managing director to inform him that they are willing to continue the negotiations and draft agreements on wages and social benefits. The union calls for clear and appropriate measures in line with the sectoral collective agreement and the National Interest Reconciliation's agreement. AES Hungary said it will continue to operate at its AES Tisza II Power Plant in Tiszaújváros. This plant is gas-fuelled with a capacity of 900MW.
Eurofound (2011), AES Hungary, Closure in Hungary, factsheet number 71853, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71853.
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