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CEZ will stop the process of share selling in Romania if the bids are not attractive enough
The Czech utilities group CEZ is not pressed by time in the process of withdrawing from the market in Romania and could stop the sale of local shares if they do not get the price they want, stated on last Friday Ondrej Safar, country manager CEZ Romania, in a meeting with the press.
‘I want to assure everybody again that we behave as a long-term investor and at this point of the process of withdrawal from Romania, we continue to behave as a long term investor. The process of withdrawal are in general processes of duration and very complicated ones. For us, what matters is to keep our activity at the previous level as this is what gives value to the company ‘ he said.
At the end of last month, CEZ received the bids and at present they are in a process of evaluation. Safar said that he could not give any details about their number. Asked how long the process of withdrawal will last, the CEZ official answered that it depends on the way the process of negotiation develops and who the partners are.
Safar said that the sale will take place only when CEZ gets the price they want. Safar also showed that some companies in the group could be sold, not only the group as a whole if the offer is attractive.
CEZ announced in last summer that they want to sell the operations in Romania and other countries to concentrate on the activity in their mother country, the Czech Republic. One of the offers presented for the acquisition of these shares belongs to a consortium made up of Romanian companies, namely Hidroelectrica, Electrica and Societatea de Administrare a Participatiilor din Energie (SAPE).
The CEZ group in Romania is among the main leaders in integrated utilities of Romania. They include one of the biggest companies of distribution ( 1.4 million portfolio of clients), the biggest wind park on land of Europe, situated at Fantanele- Cogealac ( installed capacity 600 MW), the hydroelectrical system in Resita made up of four reservoirs and four micro-hydro power units ( installed capacity 22 MW as a total) and supply of electricity and gas to end-users.
CEZ entered the energy market of Romania in 2005, with the acquisition of Electrica Oltenia. Last year the CEZ group Romania had a net profit of 268 million lei, against the loss of 50 million lei în 2018, mainly due to the wind power production, more exactly due to the increase of income from green certificate sale.
In 2019 the 240 turbines in the Wind Park CEZ produced a total of 1,185 GWh, the CEZ group Romania being the biggest private producer of renewable energy in the country.