SOFIA (Bulgaria), September 14 (SeeNews) – CEZ Distribution Bulgaria [BUL:3CZ], a unit of Czech power utility group CEZ, said on Thursday it intends to invest 2.2 million levs ($1.3 million/1.1 million euro) in the northwestern town of Montana this year, twice as much as in 2016.
The company plans to acquire third-party energy facilities, which it is obliged to do under Bulgarian law, and to carry out electricity grid upgrades, CEZ Distribution said in a statement.
CEZ Group said earlier this month it has received binding bids for its assets in Bulgaria from several candidates and they were being evaluated.
CEZ Group assets in Bulgaria include CEZ Distribution Bulgaria, the public supplier of electricity and a licensed trader CEZ Electro Bulgaria, licensed electricity trader CEZ Trade Bulgaria and Varna thermal power plant. The operations of those companies are managed and coordinated by CEZ Bulgaria EAD.
CEZ Distribution Bulgaria is 67%-owned by CEZ Group. It operates in the Sofia region and parts of western and northern Bulgaria and is licensed for the transmission and distribution of electricity and the operation of the distribution grid.
(1 euro=1.95583 levs)