According to Reuters, CEZ gave an offer without engagement in Bulgarian tender to finance NPP Belene project with 2,000MW capacity. There are other four companies (Enel, , , and Electrabel) competing in the tender besides CEZ. The winner of the tender should be known by the end of this year and will gain 49% stake in BPC (Belene Power Company). In addition, CEZ is analyzing possible projects in Romania and Bulgaria to build steam/gas power plant and to enter into market in Turkey.
The investment cost of NPP Belene should be around EUR 5.0bn. Based on fact that CEZ already owns TPP in Varna and 3 distribution companies there, it make sense for CEZ to further penetrate into Bulgarian market. We see this news as trading neutral for today.