Bulgaria began negotiations with two consortia interested in construction of a nuclear power plant Belene with 2 blocks of 1.000MW capacity. The value of the contract can reach USD4bn. These are Skoda Alliance including Skoda Praha, owned by CEZ and Russian Atomstrojexport. CEZ is also interested in becoming a strategic investor in the power plant. Based on the experience from the recent privatization of Buglaria’s power plants we believe that a decision on the winner should take some time. Of course, CEZ should benefit should Skoda Praha win the tender. In the mean time we rate the news as neutral and reiterate our Buy recommendation.