Romania's SAPE submits offer to take over CEZ assets - report

At the beginning of this week, SAPE submitted offers for each of the CEZ' assets, in various combinations, local economic portal economica.net reported, quoting sources from the market.

SAPE was created in 2014 and has as its main activity the management of minority interests that the Romanian state owns in energy companies.

According to economica.net, other companies that have reportedly submitted offers for CEZ' assets are state-owned hydro power producer Hidroelectrica and power supplier and distributor Electrica.

In September, CEZ announced that it has launched a process for the sale of its assets in Romania. CEZ is considering selling seven companies in Romania, keeping only those engaged in energy services (ESCO) activities and part of trading.

CEZ has included the following companies in the market sounding: Energy Distribution Oltenia, Ovidiu Development, Tomis Team, MW Team Invest, CEZ Vanzare, TMK Hydroenergy Power and CEZ Romania.

According to CEZ, the divestment of its assets in Romania is in line with the group's new strategy approved in June which envisages the gradual sale of assets in Bulgaria, Romania, Turkey and partly in Poland.

According to CEZ Group, Romanian assets have generated positive EBITDA from the start and regularly contribute to the group's dividend.

CEZ is one of the leading integrated energy companies in Romania. Its assets include one of the largest distribution companies in the country with a customer portfolio of 1.4 million and 6,826 GWh of electricity delivered in 2018.

In Romania, CEZ also owns Europe's largest on-shore wind park Fantanele-Cogealac with installed capacity of 600 MW and production of 1,105 GWh last year and a modernized hydro electric system Resita consisting of four water reservoirs and four small hydro electric power stations with 22 MW capacity in total, which produced 83 GWh in 2018. CEZ Romania also provides electricity and gas sales to end customers, selling over 3,425 GWh in 2018.

CEZ Group has been present in Romania since 2005, when it took over national distribution company Electrica Oltenia.