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E.ON to exit electricity trading in Bulgaria

30 Apr 2012 22:11:53 | edem

E.ON Energy Trading Bulgaria is planning to withdraw from the Bulgarian electricity market, according to a document published by the country's energy regulator DKER.

E.ON has applied for the discontinuance of its trading license, according to the paper.

The company is liquidating all of its assets in the country and has already informed operator ESO and state-owned incumbent NEK of it plans to end contracts for access to the electricity system and the right to transport energy within the system.

DKER has concluded that there are "no legal obstacles" which prevent E.ON's trading license from being discontinued. The regulator is due to discuss the application on 8 May.

E.ON Bulgaria was not available for comment on Monday.

At the end of last year, E.ON sold its Bulgarian electricity distribution subsidiary to Czech energy company Energo-Pro for €133m as part of a larger divestment plan (see EDEM 5 December 2012).

A Bulgarian trader previously warned that big companies are pulling out of the country due to an "unstable" business environment (see EDEM 25 April 2012).

However, Slovenian company GEN-I, global financial conglomerate Citigroup as well as London-based EDF Trading have all applied for a Bulgarian trading licence this year, following the example of German electricity provider RWE last year (see EDEM 21 February 2012). IP

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