Czech Power Group Energo-Pro Submits Offer for CEZ Assets in Bulgaria

Czech power group Energo-Pro has submitted an offer for the Bulgarian assets of power utility CEZ Group, the company's Bulgarian subsidiary Energo-Pro Varna told SeeNews on Monday.

"We cannot provide further details as the procedure is still ongoing," Energo-Pro Varna's PR and marketing director Petya Popova told SeeNews in an e-mail.

In May, CEZ Group said it has started negotiations with investors on the sale of its assets in Bulgaria, without disclosing the names of the selected companies.

In January, CEZ Group announced it had decided to study the options related to its equity investments in Bulgaria, based on the interest of several unnamed investors. It did not elaborate.

CEZ Group assets in Bulgaria include CEZ Distribution Bulgaria AD, the public supplier of electricity and a licensed trader CEZ Electro Bulgaria, licensed electricity trader CEZ Trade Bulgaria and Varna thermal power plant. The operations of those companies are managed and coordinated by CEZ Bulgaria EAD.

Bulgarian-registered Energo Pro Varna, a wholly owned subsidiary of Energo-Pro, is engaged in power distribution in northeastern Bulgaria, where it is the sole licence holder, as well as in selling power to more than 1.2 million customers, including households and companies.