Spectator on facebook

Spectator on facebook

EPH definitely buys SSE

Czech company Energetický a průmyslový holding (EPH) will definitely own a minority stake in the Stredoslovenská Energetika (SSE) company. The previous owner, Electricité de France, signed the agreement with EPH on May 24 in which they agreed on the sale for €400 million.

Czech company Energetický a průmyslový holding (EPH) will definitely own a minority stake in the Stredoslovenská Energetika (SSE) company. The previous owner, Electricité de France, signed the agreement with EPH on May 24 in which they agreed on the sale for €400 million.

Chair of the board of directors at EPH Daniel Křetínský said that with the acquisition the company will strengthen its position in the area of regulated assets.

“Part of the strategy of EPH in Slovakia will be the increase in the offer of electricity produced in its own resources,” Křetínsky said, as quoted by SITA. “This will significantly increase the competitiveness on Slovak wholesale market with electricity.”

The transaction will have to be definitely confirmed at the general meeting of shareholders, as well as anti-fraud authorities. The end of transaction is planned to take place in the second half of the year, SITA reported.

Energy expert Eduard Metke warned against the acquisition of SSE by EPH. He told the TASR newswire that that the state, which is the majority shareholder in SSE, should not agree with the transaction and vote against it.

“Since EPH [with a 49-percent stake in Slovak gas utility SPP] and SSE are monopolous as suppliers of energy in the given area, there is a risk of them forming an even more powerful monopoly, which could in the end result in higher prices of both commodities for clients,” he explained, as quoted by TASR.

At the moment SSE is party owned by the state, with controls 51 percent of the shares, and Electricité de France which bought the 49-percent stake 10 years ago for €158 million. The company supplies about 712,000 customers with electricity, as well as the natural gas, SITA wrote.

EPH belongs to Czech businessmen Petr Kellner and Daniel Křetínský, as well as the Slovak J&T financial group.

Source: SITA, TASR

Compiled by Radka Minarechová from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Crematorium in Bratislava is an architectural revelation Photo

Those who have experienced farewells in other crematoria know what makes it special. Now the best work by the architect Ferdinand Milučký is getting a monograph

Crematorium in Bratislava by architect Ferdinand Milučký

What kind of expectations do some Slovaks have for world leaders?

Among EU member states, opinions of the United States declined in all but two — Poland (which makes some sense) and Slovakia (which does not).

Donald Trump

Crates and boxes. Slovaks discover new ways of grocery shopping

Farmer’s boxes are gaining customers in Slovakia as people slowly become more conscious about quality and the origin of the food they eat.

Foreigners: Top 10 events in Bratislava Video

Tips for the top 10 events in the capital between January 19 and January 28, plus regular services in different languages, training, temporary exhibitions and highlights of the year.

Scandi 4