CEZ could buy the 33% state stake from the State

The Czech power generation company CEZ may purchase the government stake of its Bulgarian subsidiaries, declared yesterday, Ales Damm, Management Board Chairman of the CEZ Distribution Bulgaria AD. The company owns 67% of the electricity distribution companies (EDCs) in Sofia, Sofia district and Pleven, for which it paid some € 281.5 mln in 2004. Bulgarian GERB (Citizens for European Development of Bulgaria) government has contemplated to sell the remaining 33% of the EDCs CEZ and EVN at the Stock Exchange, while both companies have a right of first refusal on the purchase of the state stock. In fact, there is an ongoing tender procedure for the sale of the same package of shares of the E. ON Bulgaria, which owns the electricity network in northeastern Bulgaria.

We must respect the decision of the Bulgarian state, which wants to privatize the minority stake, indicated Damm. For us, it is better to have a strong partner, such as the State because, added he. This decision is not the most convenient for us, but we respect it. Besides, business groups from Bulgaria or from the Middle East must reveal interest in purchasing a stake of the company, added Damm.
CEZ also completed ahead of schedule the replacement of 57,000 m of damaged cables worth BGN 1 mln as a result of thefts in the Sofia residential district "Hippodrome". The company's teams managed to complete the replacement 5 days ahead of schedule. Thus, the safety and reliability of the power supply to some 215,000 households was restored.

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Bulgargaz expected to propose new gas prices

Today, Bulgargaz is expected to submit its proposal for new natural gas prices as of October, said yesterday the Chairman of the State Energy and Water Regulatory Commission (SEWRC), Angel Semerdjiev. He again predicted that the surge in fuel prices would not be higher than 10%. The gas company projected a price increase of 20 percent.

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