According to Thomson (11 EUR, -0,91%) Financial news agency, Bulgaria state energy regulator SEVRK postponed in mid-September the merger of three Bulgarian distribution companies owned by CEZ. The regulator is investigating whether the merger of the distribution companies will be beneficial enough for end customers, said CEZ spokeswoman Eva Novakova. Our view: We would see it as slightly negative if the decision would be final but there is still chance that Bulgaria state energy regulator and CEZ will come to agreement. Bulgaria distribution companies contribute around 3.1% to total CEZ Group EBITDA therefore the effect would be minor.