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Austria's EVN earmarks BGN 118 M for investment in Bulgaria

Date: 04.10.2007

Austrian power utility EVN, which owns a majority stake in two Bulgarian regional power distribution firms, said on Tuesday its investment in Bulgaria would reach BGN 118 M this year.

Some 68% of those funds were earmarked for power grid upgrades to raise efficiency, EVN Bulgaria managing board chairman Stefan Szyszkowitz said after meeting with Bulgarian economy and energy minister Petar Dimitrov.

Dimitrov met with EVN officials to receive the annual report of the company, in which the Bulgarian state retains a 25% stake.

EVN's investment in the two power utilities in southern Bulgaria is its largest outside its domestic Austrian market. It agreed to pay EUR 271 M for the two firms in 2004.

It expects losses caused by dilapidated infrastructure to decline to 14,5% this year, from 16,9% when it took over the company.

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