Italy's Enel: No Deal Sealed for Bulgaria's Thermal Power Plant

Energy | July 9, 2010, Friday // 14:29|  views

Talks about the sale of Maritsa East 3, a Bulgarian coal-fired plant with a capacity of 908 megawatts, emerged for the first time at the beginning of March. Photo by

Italian energy giant Enel has denied reports that the sale of its stake in Bulgaria’s Maritsa East 3 coal-fired power plant has been wrapped up.

“Enel has not taken a decision yet and is expecting the process to be over,” the company said.

The statement came in response to a report in the local daily Trud, which said that Russia's state power trader Inter RAO is likely to seal a deal to buy Enel thermal power plant in Bulgaria in a EUR 800 M deal in two weeks.

British utility International Power, Austria's EVN and US power producer AES Corp. are also said to have shown interest in acquiring the majority stake of Italian energy giant Enel in Maritsa East 3.

In March, Enel Executive Director, Fulvio Conti, confirmed that the company is considering the sale of its 73% stake in Maritsa East 3.

A year ago Enel increased the capacity of Maritsa East Three plant to 908 megawatts, up from 840 MW, and also put new desulphurisation installations on the plant's four units.

Experts comment that the potential buyer is probably eying a 100% stake in the plant, in which the state owns a 27% stake. The rumors were fanned by a statement of Energy and Economy Minister Traicho Traikov, who recently announced that the state can land EUR 200 M from the sale of its stake in the plant.

The plant is located in the Maritsa East lignite coal mining complex in southern Bulgaria, which generates 30% of the country's electricity.

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Tags: AES Corp, EVN, International Power, Inter Rao, Enel, Maritsa East 3, Bulgaria


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