British, Austrian Utilities Eye Enel Stake in Bulgaria Thermal Plant

Business » ENERGY | May 21, 2010, Friday // 13:00
Bulgaria: British, Austrian Utilities Eye Enel Stake in Bulgaria Thermal Plant Talks about the sale of Maritsa East 3, a Bulgarian coal-fired plant with a capacity of 908 megawatts, emerged for the first time at the beginning of March. Photo by klassa.bg

British utility International Power and Austria's EVN have shown interest in acquiring the majority stake of Italian energy giant Enel in Maritsa East 3, a Bulgarian coal-fired plant with a capacity of 908 megawatts, reports say.

In March, Enel Executive Director, Fulvio Conti, confirmed that the company is considering the sale of its 73% stake in Maritsa East 3.

According to local media reports British utility International Power and Austria's EVN, which supplies electricity to over 1.6 million people in southeast Bulgaria, are interested in the stake. Talks with the first potential bidder are believed to have already started.

A year ago Enel increased the capacity of Maritsa East Three plant to 908 megawatts, up from 840 MW, and also put new desulphurisation installations on the plant's four units.

Experts comment that that the potential buyer is probably eying a 100% stake in the plant, in which the state owns a 27% stake. The rumors were fanned by a statement of Energy and Economy Minister Traicho Traikov, who recently announced that the state can land EUR 200 M from the sale of its stake in the plant.

The plant is located in the Maritsa East lignite coal mining complex in southern Bulgaria, which generates 30% of the country's electricity. Enel also owns seven wind parks of 3 megawatts near the Black Sea coast.

Last week EVN became the sole partner of dominant state power utility NEK in the long-delayed Gorna Arda hydropower plant after the withdrawal of Austria's Alpine Bau. EVN said it was buying the 30,1% stake, owned by Turkey's CCG, whose financial troubles have stalled the project.

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Tags: Alpine Bau, International Power, Enel, Maritsa East 3, EVN

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