According to Romanian daily, Ziarul Financiar, Enel offered EUR820m and Iberdrola EUR770m for the 67.5% stake in electricity distributors Electrica Muntenia Sud. Note that five bidders submitted their final bids yesterday. Romania has been asking a minimum price of EUR750m is the minimum price compared to EUR500 at the end of the last year. The minimum price of EUR750m implies a price of EUR1,075 per customer, which is significantly above what CEZ paid for Electrica Oltenia (EUR217 per customer). Therefore, we do not expect CEZ to be among those offering significantly higher price than the EUR 750m.