According to business daily Napi Gazdasag, Sebastian Vladescu, Romanian Finance Minister, announced yesterday (on the final day for submitting binding bids for CEC) that the privatisation of CEC has been postponed yet again. New deadline for binding bids is targeted by middle of summer 2006. Some major conditions may be subject to changes, but these will be negotiated with the bidders. It is the second time that the privatisation has been postponed. Clearly the price is main constraint on the part of the Romanian privatisation agency. We do not expect the news to have a major impact on the share price today, and reiterate our Buy recommendation on the stock.