Snow-Induced Power Outages Hit 20 Villages in Smolyan
Amidst heavy snowfall in the Smolyan region, 20 villages and hamlets grapple with partial or complete power outages due to incidents caused by the severe weather conditions
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EVN AG has informed all stakeholders the project for the realization of the Hydro Power Cascade is put on hold.
In a statement, EVN says the announcement comes "in relation to its legal obligations as a Vienna Stock Exchange listed company."
This is reported in the financial report of EVN AG for the first quarter of 2016/17.
The shareholder agreement between EVN AG and NEK for establishing a company for the construction of Hydro Power Cascade Gorna Arda was signed on July 19, 2010.
The development followed a pullout of Turish company Ceylan from the project.
EVN owns 70% of the project, while the National Electricity Company (NEK) has a 30% stake.
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