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Price of power

POWER producer Slovenské elektrárne (SE), burdened with bad loans and disadvantageous contracts, has virtually no value for future investors, the Slovak daily Pravda wrote.

According to the daily, the commitments of the company outweigh SE's assets by at least Sk61 billion (€1.5 billion).

Except for bad loans and contracts, a major problem is the lack of money in a fund that should finance the decommissioning of two nuclear plants - Mochovce and Jaslovské Bohunice.

Five bidders for a 66 percent stake in SE are nearing the end of due diligence and the two investors who are believed to be interested in SE as a whole - the Czech ČEZ and the Russian RAO UES, are asking for the decommissioning model of financing to be changed.

Peter Mitka from PricewaterhouseCoopers, the cabinet's privatisation adviser, said that the date by which the bidders were expected to submit their binding offers may be postponed so that the problems can solved. Originally, the binding bids were supposed to be submitted by June 18.

Compiled by Martina Pisárová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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