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CEZ Power Company expressed its interest in Slovenské elektrarne company

8. 12. 2003

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CEZ Power Company expressed its interest in Slovenské elektrarne company

Today, the CEZ Power Company officially submitted its Letter of Intent to the Slovak State Property Fund, thus expressing interest in partaking in the privatisation of the power utility Slovenské elektrarne (SE). CEZ communicated the fact that it is interested in all the company segments, including its nuclear facilities.

"For several decades, the Czech and Slovak energy industries forged ahead as a single unit. This can now revived by the reunion of SE and CEZ, which would significantly reinforce the position of both companies within Central Europe. Such a merger would establish a strong group in the energy industry of the former Eastern Block, which would stand a fair chance in competition with large power utilities from EU countries," said Petr VoboĹ™il, the Chairman of the CEZ Board, currently also performing the duties of the company CEO.

Since 2001, when the Czech electricity market was fully opened for producers, CEZ has proved to be able to succeed in the competitive market environment, as indicated by its increased sales. The merger would enable Slovenské elektrarne to benefit from CEZ expertise and know-how.

CEZ is naturally interested in maintaining a long-term operation of Slovak nuclear facilities. Both Slovak power plants use the same technology as the Dukovany nuclear power plant. This may result in synergic measures, aimed at ensuring long service life of all these nuclear power plants. Another issue is also a more effective support of nuclear industry, because this segment can only be efficiently used alongside other energy sources, within a diverse portfolio operated by a strong energy group.

In its offer, CEZ also responded to some relevant questions concerning individual segments of SE. However, the offer has not been finalised yet, which is why CEZ shall not publicise any details at this stage, so that its competitors could not take advantage of this information.

Ladislav Kriz, CEZ Press Officer