Bulgaria: CEZ Distribution’s investment in electricity network in Sofia

, SEE Energy News

CEZ Distribution Bulgaria recorded a net profit in the amount of 19.4 million euros in 2020, compared to 9.6 million euros recorded last year. The company’s operating revenues rose to 190.6 million euros in 2020 from 184.8 million euros in 2019. Operating expenditures dropped to 169 million euros from last year’s 174 million euros. CEZ Distribution Bulgaria, said that it has invested around 2.1 million euros in the replacement of 110 kV cable and the reconstruction of two substation in the nation’s capital Sofia. The statement from the company said that this investment will increase the reliability of electricity supply to more than 100,000 residential consumers.

Last month, Eurohold Bulgaria announced that it has received approval from the Commission for Energy and Water Regulation (KEVR) for its acquisition of Bulgarian assets owned by Czech energy company CEZ. Head of M&A at Eurohold Bulgaria Vasil Stefanov said that the company obtained approvals from both competition and energy regulator and now it can proceed with the financing and the completion of the transaction. Eurohold will finance the acquisition through a combination of equity and borrowed capital.