CEZ completes sale of Polish coal assets to ResInvest Group

Prague, Feb 7 (CTK) - Czech energy group CEZ has completed the sale of its Polish coal assets, comprising the companies that own and operate the Skawina and Chorzow coal-fired combined heat and power plants, to the Prague-based investment firm ResInvest Group, CEZ spokeswoman Alice Horakova said in a press release today.

The companies signed the sale agreements last November and the transaction was subsequently approved by the Polish antitrust office. CEZ did not specify the price of the transaction.

The sale is part of CEZ's decarbonisation efforts.

The CEZ Skawina coal-fired power plant is the second largest supplier of heat to Krakow and Skawina. The CEZ Chorzow coal-fired power plant is in turn one of the largest suppliers of heat to Katowice and other urban agglomerations in Silesia. The two plants also use biomass for part of their production.

Companies CEZ Produkty Energetyczne Polska and CEZ Polska were also part of the sale. CEZ Produkty Energetyczne Polska provides support services in the management of energy by-products resulting from the combustion of coal and biomass. CEZ Polska is the umbrella holding company for CEZ Chorzow and CEZ Skawina. It also monitors the market situation in terms of energy regulation and legislation and provides communication, PR and public affairs activities.

According to CEZ, ResInvest Group submitted the best bid in the open auction process.

CEZ wants to further develop companies in Poland focused on renewable energy and the provision of advanced energy services (ESCOs). These include Elevion group companies, which offer comprehensive solutions for decarbonisation and energy efficiency.

CEZ is the largest Czech energy company and its majority shareholder is the state, which holds about 70 percent of the shares through the Finance Ministry.

ResInvest Group is a private trading and investment company whose founder is Tomas Novotny, former manager of the energy and industrial group EPH of Czech billionaire Daniel Kretinsky, according to the Register of Companies. ResInvest Group provides global supplies to large European and Asian energy companies. It specialises in bulk substrates such as solid fuels, biomass, agricultural crops, ores and metals, and is active in 12 countries.

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