CEZ Plans to Sell its Assets in Romania, Bulgaria, Turkey and Poland

Energy | May 27, 2019, Monday // 13:33|  views

Czech CEZ plans to sell its assets in Romania, Bulgaria, Turkey and Poland as part of its strategy to concentrate on the Czech market, according to General Director Daniel Beneš, quoted by Agerpres.

"In the framework of this new strategy, we want to leave Bulgaria in the coming years. We also consider withdrawing from Romania, from Turkey, we are going to leave and Poland, where we have two coal-fired power plants to reduce the carbon dioxide emissions of the group," said the boss of CEZ in an interview with the newspaper "Hospodářské zprávy", quoted by Reuters.

Benes added that the sale of these assets would bring the company "tens of billions of crowns".

He recalled that CEZ aims to increase its operating profit to $ 75 billion ($ 3.26 billion) in the period 2024-2025 from 49.5 billion crowns in 2018.

CEZ has gradually halted its expansion in the Balkans in recent years, after investing massively in the region more than a decade ago, the agency said.

In Bulgaria, CEZ is already negotiating with a local Eurohold company to sell its assets after a failed sale attempt to another Bulgarian company last year.

In Romania, CEZ bought the former Electrica Oltenia distribution and supply subsidiary in 2005. The group also owns the largest wind farm in Europe with a capacity of 600 megawatts in Funtunele-Kodjalak.

CEZ has announced that its new strategy will focus on nuclear and coal-based projects as well as on modernization of distribution and improvement of business energy services in the Czech Republic and neighboring countries.

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Tags: CEZ assets, sell, Daniel Beneš, Romania, Bulgaria, turkey, Poland


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