Czech CEZ group confirms plans to exit Romania as part of broader strategy

Czech utility group CEZ plans to sell assets in Bulgaria, Romania, Turkey, and Poland to focus on its home market, the group’s CEO Daniel Benes told the daily Hospodarske Noviny, quoted by Reuters.

Benes said that CEZ is considering an exit from Romania and Turkey, while it is also thinking about leaving Poland (where the group operates two coal-fired power plants) as part of lower CO2 emissions goal in the group. Leaving Bulgaria was already initiated several years ago.

CEZ representatives in Prague told Ziarul Financiar daily that shareholders will endorse the move at the end of June and the divestment is a long-term process.

“The sale [of Romanian assets] is a result of the parent company changing its business strategy and not prompted by the operation of the units in Romania,” CEZ representatives told ZF. They said the operations in Romania “are successful, and there is no pressure to sell quickly.”

CEZ shareholders, which are 70% owned by the state, will vote for the new strategy at the June 26 general meeting.

(Photo source: Facebook/CEZ Romania)