EPH acquires share in SE energy producer

Bohumil Kratochvíl replaces Nicola Cotugno as SE general director.

The nuclear power station in Mochovce.The nuclear power station in Mochovce. (Source: Sme)

The Czech company Energetický a Průmyslový Holding (EPH) has concluded the first phase of entering electric energy producer Slovenské Elektrarne (SE), via its daughter company EP Slovakia BV.

EP Slovakia is thus becoming the 50-percent stockholder in Slovak Power Holding BV (SPH), with another 50 percent of SPH currently still owned by Enel. SPH owns 66 percent of stocks in SE. The Slovak government holds the remaining 34 percent.

Read also:The European Commission clears acquisition of SE by EPH Read more 

The initial transaction costs for the 50-percent share in SPH stood at €375 million, with €150 million paid in the first stage of the transaction, informed Daniel Částvaj, spokesperson of EPH. The price, however, is still subject to change based on contractually defined parameters, mostly concerning the costs of completing the construction of the third and fourth blocks of the Mochovce nuclear power plant, operational parameters of the new blocks and electric energy charges in Slovakia.

A so-called adjustment mechanism will be employed to calculate the remaining sum, which is to be determined by independent experts using agreed upon formulas.

Following the completion and commissioning of the Mochovce nuclear power plant’s units that are under construction, EPH will have the option to buy and Enel will have the option to sell the other 50 percent in SPH, subject to all the rights that Slovakia had negotiated for this part of the transaction in the past.

New general director

Bohumil Kratochvíl has become new board of directors chairman and general director at SE based on results of an extraordinary SE general meeting held in Bratislava on July 28.

At the session, both SE statutes were revised and new personnel changes approved, informed SE spokesperson Janka Burdová.

Kratochvíl replaces Nicola Cotugno, who in turn is becoming the board of directors' first vice-chair. Tatiana Kamenská became a new member of the board of directors.

Furthermore, nominees of Slovak Power Holding BV – Jan Špringl, Jiří Feist, Pavel Janík, Jan Stříteský, Michele Bologna and Rodolfo Avogadro di Vigliano – were elected as members of the Supervisory Board.

Based on the annual rotation of the chairmanship in the Supervisory Board, Richard Paško, a nominee of the minority shareholder, the Slovak Republic, remains its director. 

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