Bulgarian Energy Holding Awards 4.3 Mln Euro Advisory Contract on ESO Split-up from NEK

Bulgarian Energy Holding Awards 4.3 Mln Euro Advisory Contract on ESO Split-up from NEK

State-owned Bulgarian Energy Holding (BEH) has signed a 4.3 million euro ($5.4 million) contract with an international consortium to advise the split-up of the country's Electricity System Operator (ESO) from power grid operator NEK, the energy ministry's press office said.

The selected consultant is a consortium comprising U.S.-based privately held investment bank HoulihanLokey, international law firm White&Case and Bulgarian corporate finance advisory firms Entrea Capital and Kambourov&Partners, BEH said in a press release on Wednesday.

A stand-alone ESO will take over from NEK all activities related to the construction and maintenance of the country's power grid infrastructure and to connecting new users as well as functions related to the metering and reporting of electricity consumption.

The break-up of the two companies is required under the EU's Third Energy Liberalisation Package.

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