Bulgaria: Axpo acquired Bulgarian power trading company Frea, SEE Energy News
Axpo continues to strengthen its presence in Southeast Europe’s power markets. Axpo announced the acquisition of 100 per cent of Frea, a Bulgarian power company, during a special press conference in Sofia, Bulgaria. The aim of this acquisition is to enter the retail market by supplying energy to end consumers and offering tailor-made energy solutions to its customers.
Axpo acquired Frea based on its regional strategy in Southeast Europe, and following regulatory changes in Bulgaria. Since the beginning of this year, industrial and SME (Small & Medium Enterprises) customers should switch from the regulated to the eligible power market. Frea is the holder of a license for power trading and owner of a balancing group coordinator license. Frea’s success will be driven by Axpo Bulgaria’s market position and reputation as a leading energy trader, as well as Frea’s local market experience. Currently, Axpo and Frea employ 28 people and are based in Sofia and in Varna.
In the first half of 2011, Axpo Bulgaria established an operational centre as a support unit for Axpo’s trading activities in Southeast Europe. The scheduling activities are centralised in Sofia. Currently, the operational centre in Sofia covers power trading support activities for the regions Southeast Europe (SEE) and Central and Eastern Europe (СЕЕ), as well as gas trading support activities for European operations. A precondition for the expansion of Axpo’s business in Bulgaria will be a stable, predictable regulatory framework.
Axpo Bulgaria (formerly EGL Bulgaria) was established in October 2006 as an international subsidiary of EGL, now Axpo, Switzerland. The company name was changed in October 2012 after a corporate decision following Axpo’s acquisition of 100% of the EGL shares.
Axpo is shareholder in the Trans Adriatic Pipeline project.
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