SOFIA (Bulgaria), February 8 (SeeNews) – CEZ Distribution Bulgaria [BUL:3CZ], a unit of Czech power utility group CEZ, said on Wednesday it intends to invest 130 million levs ($70.9 million/66.5 million euro) in electricity grid upgrades in 2017, more than in any previous year.
The distribution system is in a good technical shape, which was certified by the supervising authorities during the checks before the winter season and was confirmed during the extremely harsh winter conditions in January, CEZ Distribution said in a statement.
In January, CEZ Group announced that based on the interest of several investors it has decided to investigate the market in relation to its equity investments in Bulgaria. CEZ Group has been on the Bulgarian market since the end of 2004, when the company acquired 67% of the three electricity distribution companies operating in western Bulgaria and merged them into CEZ Distribution Bulgaria AD. In October 2006 the company strengthened its position in electricity generation as well, buying up 100% of the capital of Varna thermal power plant.
The structure of CEZ Group in Bulgaria includes CEZ Distribution Bulgaria AD, the public supplier of electricity and a licensed trader CEZ Electro Bulgaria, licensed electricity trader CEZ Trade Bulgaria and Varna power plant. The operations of those companies are managed and coordinated by CEZ Bulgaria EAD.
CEZ Distribution shares closed 4.35% higher at 239.99 levs on Wednesday, as 15 shares changed hands on the Sofia bourse.
(1 euro = 1.95583 levs)