Romanian energy group Electrica submits offer to take over CEZ Bulgaria

Romanian state-controlled electricity holding Electrica has submitted an offer to take over Czech energy group CEZ’s subsidiary in Bulgaria, energy minister Toma Petcu said yesterday in an interview with local DC News, reports local Agerpres. CEZ Bulgaria supplies energy to consumers in Sofia and its surroundings, serving some three million customers. The Romanian energy minister explained that it’s important for companies such as Electrica to become regional players. The Energy Ministry holds a 48.7% stake in Electrica whereas the rest of the shares are held by investors on the Bucharest Stock Exchange and London Stock Exchange. At the beginning of February, Bulgarian news agency Novinite announced that the CEZ considered withdrawing from the Bulgarian market and a number of Romanian, French and Turkish companies were interested in taking over its operations. After entering the Bulgarian market in 2004, CEZ had a difficult relationship with the Sofia Energy Regulatory Commission (KEVR) and the Bulgarian national electricity company (NEK), the Bulgarian media reported. CEZ also owns the electricity distribution and supply companies that serve Romania’s Oltenia region. editor@romania-insider.com