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CEZ Power Company has today submitted final bids for Bulgarian power plants

27. 4. 2005

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CEZ Power Company has today submitted final bids for Bulgarian power plants

The final bids are for a thermal power plant Varna and a combined heating complex Russe, which produces congregationally power and heat.

CEZ is thus confirming its serious interest in the South-European region, which CEZ considers to be one of two principal target regions of its acquisition strategy. "It is another step in our acquisition plans, our team, which has been managing our recent successful acquisition of three Bulgarian distribution companies, has been working right in Bulgaria for several months," commented on the bid Martin Roman, Chairman of the Board and CEO of CEZ. " Our people in cooperation with Bulgarian colleagues are deeply compiling measures that will lead to an increase in their efficiency, which will be implemented in successive steps. In case of a success in the tender for the thermal power plants, our Bulgarian team is ready to manage this acquisition as well," added Radek Lasak, Member of the Board and Director of the Administration Division.

Last year CEZ succeeded in the privatization of three Bulgarian distribution companies, for which it paid 281.5 million EUR (nearly 9 billion CZK). At the same time it was largest-ever foreign investment in the history of the CzechRepublic.

Varna and Russe plants are situated in the North-East of the country and both burn imported black coal. The Varna thermal plant consists of 6 units, each with a capacity of 210 MW, the total installed capacity of the Varna plant is 1260 MW, the capacity of the Russe complex reaches 400 MW. 

At the beginning of April CEZ signed and agreement about privatization of the Oltenia distribution company in Romania. By foreign acquisitions the CEZ Group has almost doubled the number of its end customers to the total 6.6 million and came up to the eighth place among the European power companies by this criterion.

CEZ intends to continue following up suitable investment opportunities in power industries in Poland, Montenegro, Romania, Macedonia and other countries in the region of Central and South-Eastern Europe this year.

Eva Novakova, Press Officer, CEZ, a.s.