According to Bloomberg, CEZ is trying to collect $34m of unpaid bills in Bulgaria from industrial consumers and households. The biggest debtor is the Bobov Dol mines and CEZ plans to cut power to the mines on August 30 in case they don’t start paying its debt. Our view: We believe that CEZ and Bobov Dol mines will come to agreement because it would be more expensive for mines to stop operation if they would have no electricity, also we expect the other industrial consumers to start paying its debt. We see the news as neutral.