CEZ entered into the tender in Romania to build either gas or coal power plant with capacity of 400-500MW, the tender was announced by energy company Termoelectrica which is owned by state. Our view: The tender is in its early stage therefore we see the news as neutral and we will wait for further information. We estimate the investment to reach some EUR 400-500m, however final price would depend on existing infrastructure as well as competition in the region. Note that CEZ is already present in Romania and has been operating distribution company Electrica Oltenia since 2005.