Bulgaria’s energy regulator grants Eurohold permission to acquire 67% of the assets of electricity supplier CEZ

Bulgaria’s Energy and Water Regulatory Commission (EWRC) on January 19 adopted a Decision granting permission to electricity supplier CEZ for the sale 67% of the shares of the capital of CEZ Distribution Bulgaria AD, by selling them and transferring them to the company from the group EUROHOLD BULGARIA AD - Eastern European Electric Company.

According to Art. 21, para. 1, item 23a, sentence 1 of the Energy Act, EWRC permits transactions for sale of shares, representing more than 20% of the capital of companies, which carry out licensed activity for transmission and distribution of electricity, heat or natural gas, in order to ensure security of supply, the protection of national security and public order.

The Commission shall pronounce after the entry into force of all other necessary authorizations and approvals related to the transactions.

In the course of the initiated administrative proceedings on the application filed by CEZ, the Commission ruled on the basis of opinions received from the Ministry of Interior, the State Intelligence Agency, the State Agency for National Security, the Ministry of Energy and the Financial Supervision Commission.

The decision is subject to appeal before the Administrative Court of Sofia - city within 14 days.