The State Agency announced that the Montenegro government has re-launched the tender for the Pljevlja power plant, which was recently postponed. CEZ originally offered EUR 18m for the Pljevlja power plant and a 31% stake in the Rudnik Uglja coal mines supplying the power plant. The offered price has a 40% weighting in the tender, investments 30% and the business plan 30%. The deadline for the bids has been now set for 27 February 2006. The installed capacity of the power plant is 210 MW or 1.7% of CEZ’s capacity, and it provides 40% of the electricity production in Montenegro. We believe such an acquisition would have a positive impact as Montenegro is within CEZ’s target region. We reiterate our Buy recommendation.