Money Buzz! Europa

Tag: cez

  • Eurohold to issue new shares on the Bulgarian Stock Exchange

    Eurohold to issue new shares on the Bulgarian Stock Exchange

    Eurohold wants to increase its working capital by issuing new shares on the Bulgarian Stock Exchange, to obtain up to 100 million euros funds.

    Funds will be used to finance the acquisition of CEZ Group subsidiaries in Bulgaria.

    The funds raised will be used to finance the acquisition of CEZ Group’s Bulgarian subsidiaries and to invest in the development of the group’s two main businesses – energy and insurance, said Vasil Stefanov, Eurohold’s director of development.

    Eurohold will offer for subscription more than 79 million new shares, with a nominal value and a price of 1 lev and 2.50 lev.

    The public offer will be considered successful if at least 40% of the new shares (31.6 million shares) are subscribed and paid.

    Earlier this year, Eurohold received the latest approvals to take over seven subsidiaries of the CEZ group in Bulgaria, including 67% of the largest electricity company, CEZ Distribution Bulgaria.

  • Eurohold to acquire the subsidiaries of CEZ Group in Bulgaria

    Eurohold to acquire the subsidiaries of CEZ Group in Bulgaria

    The Bulgarian Energy and Water Regulatory Commission (EWRC) granted approval to Eurohold Bulgaria for the acquisition of the Czech energy company CEZ Group’s subsidiaries in the country.

    The deal includes 67% of the power utility CEZ Distribution Bulgaria and the power supplier CEZ Electro Bulgaria, as well as 100% of the shares of the licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass-fired power plant Bara Group and CEZ Bulgaria that coordinates and manages all CEZ Group’s subsidiaries in Bulgaria.

    Eurohold will acquire CEZ Group’s business in Bulgaria through its subsidiary and specially set up Eastern European Electric Company B.V. (EEEC).

    The next stage in the acquisition process will be to sign financing agreements and transfer of the shares.

    Eurohold will finance the acquisition through a combination of equity and borrowed capital provided by leading global investment banks.

  • CEZ net income reached CZK 13.6 billion for the first three quarters

    CEZ net income reached CZK 13.6 billion for the first three quarters

    CEZ Group’s net income reached CZK 13.6 billion for the first three quarters of 2020, the same as last year.

    EBITDA reached CZK 50.9 billion for the first three quarters of 2020, rising by 14% year on year.

    The company expects its EBITDA for the entire year to reach CZK 64 billion, as the currently estimated overall negative impacts of COVID-19 amount to some CZK 3 billion.

    Operating revenues reached CZK 155.5 billion, increasing year-on-year by CZK 7.5 billion, i.e. by 5%.

    Increase of the amount of electricity generated by new energy sources

    The amount of electricity generated from traditional sources declined by 6% year on year, mainly due to growing prices of emission allowances, declining prices of electricity due to COVID-19 and also due to the timing of scheduled power source downtimes.

    The year-on-year decrease in electricity generation has also been intensified by suppression of soon-to-be-closed coal-fired power plants, especially by the closure of the Prunéřov 1 Power Plant.

    The amount of electricity generated by new energy sources increased by 7%, in particular due to good weather conditions in Germany and Romania.

  • Macquarie Infrastructure to acquire CEZ Group assets in Romania

    Macquarie Infrastructure to acquire CEZ Group assets in Romania

    Macquarie Infrastructure and Real Assets today announced that has reached an agreement to acquire a portfolio of Romanian power assets owned by CEZ Group.

    The integrated energy infrastructure portfolio is comprised of an 86.665 kilometre regulated electricity distribution network and an electricity and gas supply business with 1.4 million residential and industrial connections in the South West of Romania.

    The acquired assets also include a renewable energy platform, with 622 MW of primarily onshore wind farms and plans to develop its portfolio further.

    The terms of the transaction have not been disclosed. Completion of the transaction is subject to receipt of customary regulatory approvals.

    MIRA is trusted to manage the operation and development of electricity distribution networks in Australia, Austria, Finland, Spain, and the United States.

  • CEZ obtained a permit for further operation of Temelín Nuclear Power Plant

    CEZ obtained a permit for further operation of Temelín Nuclear Power Plant

    CEZ received a permit from the State Office for Nuclear Safety (SÚJB) for further operation of Unit 1 of the Temelín Nuclear Power Plant.

    The operation permit is subject to regular ten-year cycles, during which Czech nuclear power plants must demonstrate that they meet all the conditions related to their safe operation.

    The documentation handed over alone contained 163.000 pages of professional documents.

    A team of experts has been working on the renewal of the permit to operate the first unit since the end of 2018. Among other things, they had to supply the state office with twenty so-called proofs.

    In practice, it has always been an extensive package of documentation, assessments, plans, and analyses.

  • Czech Temelín’s Unit 2 began to produce electricity again

    Czech Temelín’s Unit 2 began to produce electricity again

    Temelín’s Unit 2 began to produce electricity again at 50 % of the reactor rated power. The technicians are now waiting for the tests at 80 percent of reactor rated power to check the reactor core power distribution.

    The operators shut it down as planned for refueling on June 12. The outage lasted 58 days and, during it, the technicians replaced a quarter of the fuel, checked the safety systems, and mastered 55 investment actions.

    During the outage, the technicians replaced 42 out of 163 fuel assemblies in the reactor.

    Altogether, one thousand workers including the suppliers participated in the outage. At the same time, the power engineers planned the outage works so that Unit 2 at Temelín would be connected before the planned disconnection of the Dukovany Unit 2.

    Together with the Dukovany power plant, all six nuclear units are currently in operation.

  • InoBat Auto to be the first European supplier of customised batteries

    InoBat Auto to be the first European supplier of customised batteries

    InoBat Auto has secured additional EUR 10m investment to fund the development of a firstof-its kind 100 MWh R&D centre and production line in Slovakia.

    The funding has been secured from CEZ Group who will join lead investor IPM Group (IPM), technology investor Wildcat Discovery Technologies and other investors

    The investment from CEZ is in the form of a loan, which following subsequent additional investment, will have the potential to be converted into shares. I

    The construction of the first phase 100 MWh production line will begin later this year with the first batteries ready for distribution in 2021.

    InoBat Auto is also progressing plans to build a 10 GWh Gigafactory with the
    potential to provide 240,000 Electric Vehicles with cutting edge, bespoke batteries by 2024.