Sat, May 26 2012

Bulgarian regulator approves sale of E.ON unit to Energo-Pro

Fri, Jan 20 2012 12:12 CET

byThe Sofia Echo staff

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Bulgarian regulator approves sale of E.ON unit to Energo-Pro

 
Photo: E.ON

Bulgaria's Commission on Protection of Competition said it has approved the sale of the majority stake in E.ON's Bulgarian subsidiary to Czech energy group Energo-Pro.

Because Energo-Pro has no other major assets in Bulgaria, its acquisition of E.ON's electricity distribution business in northern and northeastern Bulgaria would not adversely affect competition, the regulator said. The Czech group also owns eight small hydro-power plants in the country.

E.ON agreed the sale of its Bulgarian unit in December, for a price of 133 million euro. In 2004, the German utility paid 140.7 million euro for a combined 67 per cent stake in the power distribution companies headquartered in Varna and Gorna Oryahovitsa, merging them to create E.ON Bulgaria.

E.ON Bulgaria, based in Varna, operates a distribution network of about 42 000 km in northeastern Bulgaria. In 2010, the utility delivered about 5.3 billion kWh of electricity, according to the company's data.

The German utility has been looking to sell its Bulgarian holdings for a year prior to the deal, having reconsidered its global strategy and deciding to focus on high growth potential markets in South America and Russia.

In recent years, the net profit of E.ON Bulgaria has been constantly declining - from 35 million leva in 2008 to 500 000 leva in 2010.

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