The British International Power has decided to withdraw from the Slovenske elektrarne (SE) privatization tender because of the unclear regulatory structure for the energy sector in Slovakia. Nevertheless, the company said it might rejoin if a second round allows bids for SE’s conventional assets only. Recall that in the first round of bidding for the state's 66% in SE, investors can submit bids only for all SE's assets and if a buyer is not chosen in the first round, investors may then bid for its nuclear and conventional assets separately. So far only CEZ and RAO UES have clearly expressed an interest in SE as a whole (i.e. including its nuclear assets). The deadline for binding bids is reportedly end-June.
Source: Financial Times
Separately, the transmission grid operator CEPS (34% owned by CEZ) reported a 2003 net profit of CZK 1.6bn. Recall that CEZ is obliged to sell its minority stake due to an antitrust ruling.
Jitka Oppitzová, Patria Finance