Bulgaria Business Energo-Pro Vows to Boost Investment, Slash Losses in Bulgaria
Energo-Pro Vows to Boost Investment, Slash Losses in Bulgaria
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Czech company Energo-Pro, the new owner of power distributor E.ON Bulgaria, plans to increase investments and reduce technical losses in the grid.
Energo-Pro's agenda was unveiled by Jiří Krušina, founder of the company and member of its Board of Directors, in an interview for Thursday's issue of Capital Daily.
Krušina explains that the company will strictly monitor individual customers' ability to meet payment obligations.
He says that the transaction involving the transfer of ownership should be wrapped up in the first months of 2012.
Krušina refuses to specify whether the Czech power producer is also interested in acquiring the minority stake in E.ON Bulgaria which is to be sold on the Bulgarian Stock Exchange.
On Saturday, the website of German power utility E.ON announced that the deal for the sale of 67% of E.ON Bulgaria had been finalized.
Energo-Pro bought E.ON's business in Bulgaria for EUR 133 M.
Asked to comment on the financial results of the power distributor for the past few years, which show steady declines in profit, Energo-Pro's founder explains that the figures match the condition of the Bulgarian economy, which resembles the other European economies that are undergoing complicated periods of crisis.
Krušina is convinced that Energo-Pro's experience in Georgia, where it operates a power distribution network, will prove helpful for the Bulgarian environment.
In his words, Energo-Pro's most important goal is to make the change of ownership imperceptible to customers.
Krušina notes that the Czech company is well aware of the regulatory environment in the sector in Bulgaria and that it is hoping that it will change for the better.
"We believe that the State Commission for Energy and Water Regulation (DKEVR) treats objectively both power distributors and customers," he adds.
Energo-Pro was established in 1994 and is the biggest private producer of hydroelectric power in the Czech Republic.
It has operations in the Czech Republic, Georgia, Turkey, Armenia and Bulgaria.
Energo-Pro Bulgaria was set up in 2000 and currently operates eight hydro power plants in the country.
(source: www.novinite.com)
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