Power distributor E.ON Bulgaria plans capital hike.

By bne IntelliNews March 2, 2011
E.ON Bulgaria, majority controlled by Germany's E.ON and controlling the distribution network in northeast Bulgaria, plans to increase its capital, Dnevnik Daily informed. E.ON has not provided information about the capital hike but said for the daily that its size will depend on the future strategy of the state energy regulator and the shareholders. The company added that it has lost BGN 21mn (EUR 10.7mn) in revenues last year because of the electricity price-setting mechanism. E.ON Bulgaria projects to post a loss this year. The state controls 33% in E.ON Bulgaria and has not yet decided if it will take part in the capital hike. We remind that the cabinet was planning to sell its stakes in the three power distributors in the country, majority controlled by E.ON, EVN and CEZ.

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