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Nov 14, 2007 14:13 EEST
November 14 (SeeNews) - Czech power utility CEZ plans to invest 320 million levs ($240 million/163.4 million euro) in the upgrade of its network in Bulgaria in the next five years, a senior company official said on Wednesday.
“The programme aims to upgrade the outdated infrastructure and enhance quality of supply,” CEZ upgrade and research director for Bulgaria, Krasimir Parvanov, told journalists.
CEZ also announced the merger of its power distribution companies in Sofia city, Sofia region and the northern city of Pleven into one.
CEZ bought the three distributors from the state for a total 281.5 million euro in 2004.
The company also owns the power plant in the Black sea port Varna, but is unable to operate in the energy market with all six generating units of the plant because it has struck a five-year deal with local grid operator NETC to operate the plant in the so-called cold reserve.
(1 euro = 1.95583 Bulgarian levs)
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