State-Owned Enterprises in Romania dominate important sectors such as railway transport and energy. Compared to the private sector, Romanian SOEs perform poorly, with higher debt levels, lower profitability and payments past due date piling up. Restructuring efforts, including privatisations, and adherence to corporate governance principles would upgrade the operational performance of SOEs and limit the risks they pose to public finances. Recently, the successful listings of Romgaz, Nuclearelectrica and Electrica illustrate investors' increased appetite for state-owned companies with growth potential. These transactions demonstrate the scope for success that could be possible if authorities persevere with restructurings and privatisations.