CEZ to conclude sale of its Romanian assets on March 31

Prague March 16 (CTK) - Czech semi-state power utility CEZ will conclude the sale of its Romanian assets by March 31, having agreed on the date the buyer, company MIRA, and it also expects to conclude the sale of its Bulgarian assets by the middle of this year, CEZ CEO Daniel Benes said at a press conference today.

Concerning CEZ's assets in Poland, four bidders have advanced to another round. The second stage will be completed by the submission of binding bids in Q2, Benes said.

The deals are in line with CEZ's new strategy adopted in June 2019, which counts on a gradual sale of assets in Bulgaria, Romania, Turkey and Poland, except energy service companies (ESCO).

CEZ said previously it might raise tens of billions of crowns through the sale of foreign assets that will be used for building renewable energy sources and new nuclear units and modernising the distribution network.

The assets sold in Romania include a distribution company, a sales company, wind parks Fantanele and Cogealac, four small hydroelectric power plants and servicing company CEZ Romania.

A consortium of firms led by MIRA owns GasNet, a major gas distributor on the Czech market.

CEZ and MIRA signed the deal last October. Analysts said the sale might generate Kc25-30bn for CEZ.

The buyer received an approval from the EU antitrust authority in December. Subsequently, the transaction was approved by the Romanian watchdog, Benes said today.

CEZ entered the Romanian energy market in 2005.

tam/er