Czech-based electricity conglomerate CEZ plans to sell its distribution and renewable assets in Bulgaria to Inercom Bulgaria, following the approval of its supervisory board, reports EBR.
Seven companies will be part of the sale, including CEZ Bulgaria, CEZ Elektro Bulgaria, CEZ ICT Bulgaria, CEZ Razpredelenie, CEZ Trade Bulgaria, Free Energy Project Oreshetz and Bara Group.
The company expects to sign an agreement with the Bulgarian company in the next few days, although it did not disclose the transaction amount.
CEZ entered the Bulgarian market in 2004 buying two thirds of shares in three power distribution companies. Later, the distribution business was separated from power supply, and the original three power distribution firms were transformed into CEZ Razpredelenie Bulgaria as the distribution business and CEZ Elektro Bulgaria as the power trading business.
Currently, CEZ Razpredelenie supplies power to nearly three million customers while CEZ Elektro Bulgaria and CEZ Trade Bulgaria sold 9.7 TWh of power to end customers in 2016.