CEZ owns 81 percent of Electrica Oltenia

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Energy group CEZ has finalized negotiations with Proprietatea Fund for the acquisition of the 30-percent stake in Romanian companies CEZ Distribution and CEZ Sales in exchange for 229.6 million euros, according to a release of the company.

Negotiations have started late in June 2009, when CEZ group made use of its right and bought the remainder of shares in Proprietatea Fund and in Electrica, based on the provisions of the privatization contract of 2005, when CEZ purchased a 51-percent stake in Electrica Oltenia.

In March 2007, according to the European legislation, Electrica Oltenia was the first company on the Romanian electricity market that implemented unbundling, its successors being CEZ Distribution and CEZ Sales.

After the successful transaction with Proprietatea Fund, CEZ group holds some 81 percent of the stake of both companies. The negotiations for the acquisition of the other minority stake with its owner Electrica are underway. The finalization of these negotiations is expected in early October and a positive outcome would ensure CEZ group a 100 percent control of both companies’ shares.

CEZ group operates in Romania since 2005 when it purchased the majority stake of Electrica Oltenia. In 2008, CEZ won the auction for the modernization of the existing power plant of the Electrocentrale complex of Galati and the construction of a new unit in the same place and the 9.15 percent stake in the joint-venture company for the construction of reactors 3 and 4 at Cernavoda.

CEZ builds in Romania, in Dobrogei area, Constanta county, the biggest mainland wind farm in Europe with an installed power of 60 megawatts, representing almost double of the expansion capacity of Europe’s biggest wind farm and almost treble as against the biggest operational win farm present in Europe. Overall costs of the project are expected to reach 1.1 billion euros.

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