Energetický a průmyslový holding

Energetický a průmyslový holding, a.s. (EPH) is a Czech Republic based company currently investing mainly in the energy sector in Central Europe. The group's business lines include coal mining, gas, electricity and heat production and their distribution and sale to customers. Most of the assets are grouped in the EP Energy a.s. subholding, created in 2010.^[2]

Ownership

Company was founded in August 2009 as (indirect) subsidiary of J&T Finance Group, as of October 2009 ownership structure was PPF (40%), J&T (40%) and Daniel Křetínský.^[3] In August 2012 PPF converted part of its debt for EPH shares and increase its share to 44.4% (decreasing J&T share to 37.04% and Daniel Křetínský share to 18.52%).^[4] In June 2014 PPF sold its stake for 1.1 EUR billions,^[5][6] since then ownership Daniel Křetínský and Patrik Tkáč own 2/3 share and J&T 1/3 share.^[7] As of December 31 2014 shareholders were equally BIQUES LIMITED (part of J&T PARTNERS I L.P.), MILEES LIMITED (part of J&T PARTNERS II L.P.) and EP Investment S.à r.l. (owned by Daniel Křetínský), while rest of 44.4% was treasury stock.^[1] Treasury stocks were cancelled in September 2015.^[8]

In October 2015 EPJ announced its plan to reorganise all of its Central European infrastructure assets under one holding company, EP Infrastructure, and possibility of the disposal of a minority stake in that holding, inclucing an initial public offering.^[9]

Activities by country

Czech Republic

Main assets held in the Czech Republic are:^[10]

• Opatovice Power Station - 363 MW cogeneration coal power station near Hradec Králové and Pardubice with extensive heat distribution network
• United Energy - Most based electricity and heat production company
• Plzeňská energetika - Plzeň based electricity and heat production company
• Pražská teplárenská (50.1% share directly, 49% share on 47,3% shareholder) - Prague based heat production company
• EP Renewables - renewable power plants developer

Germany

• MIBRAG - coal mining company (Profen coal mine, United Schleenhain coal mine), owner of three smaller cogeneration coal power stations
  • Buschhaus Power Station and nearby Schöningen Coal Mine^[11]
• Saale Energie (41.9% stake) - owner of 916 MW Schkopau Power Station^[12]

On 30 September 2016, Vattenfall completed the sale of its German lignite facilities to the Czech energy group EPH and its financial partner PPF Investments.^[13] The following assets were transferred:

• power plants
  • Jänschwalde power station (3,000 MW)
  • Schwarze Pumpe power station (1,600 MW)
  • Boxberg power station (1,900 MW)
  • 50% stake in Lippendorf power station (1,840 MW)
• coal mines
  • Jänschwalde coal mine
  • Welzow-Süd coal mine
  • Nochten coal mine
  • Reichwalde coal mine
  • Cottbus-Nord coal mine (closed as of September 2016)

An October 2016 blog post speculates that the new owners are banking on government compensation for the forced early retirement of these assets. They may either seek capacity payments for staying online and providing backup or they may decommission and sue for lost profits.^[14]

Hungary

In June 2015 it was announced, that EPH will acquire 95.6% stake in Budapesti Erőmű from Électricité de France. Budapesti Erőmű owns three gas-fired cogeneration plants in Budapest region: Kelenföld Power Station (installed capacity of 188 MWe and 395 MWth), Újpest Power Station (105 MWe and 421 MWth) and Kispest Power Station (113 MWe and 366 MWth). These plants meet almost 60% of the demand for heat in Budapest and generate approximately 3% of Hungarian electricity.^[15]

Italy

In January 2015 it was announced, that EPH will acquire part of E.ON assets in Italy:^[16][17][18]

• coal-fired power plant Fiume Santo in Sassari (600 MWe)
• gas-fired power plants (4,900 MWe)
  • Livorno Ferraris (805 MWe)
  • Tavazzano (1,740 MWe)
  • Ostiglia (1,482 MWe)
  • Ferrara
  • Trapani
  • Scandale (814 MWe)

Poland

• PG Silesia (99.8% stake) - coal mining company

Slovakia

In January 2013, EHP acquired from GDF Suez and E.ON Slovak Gas Holding, owner of 49% share in Slovenský plynárenský priemysel for approximately €2.6 billion.^[19] In September 2013 Government of Slovakia agreed to reorganization of SPP. As result Slovakia will gain 100% stake SPP, but EPH will gain 49% stake and management control in SPP Distribúcia, that will acquire most of current SPP subsidiaries.^[20][21]

In May 2013 Électricité de France (EDF) confirmed that it would sell its 49 percent stake in Stredoslovenská energetika (SSE) to EPH for about 400 million €.^[22]

In December 2013 EPH acquired 40.45% stake in gas storage operator NAFTA from E.ON,^[23][24] while 56.15% stake is held by EPH controlled SPP Infrastructure.

In December 2015 EPH signed a contract with Enel to buy 66% stake in Slovenské elektrárne, former Slovak electric utility state monopoly. In the first phase, Enel will sell 50% of holding company of 66% stake. In the second phase, a put or a call option for remaining 50% of holding company can be exercised after receiving the operation permit of Units 3 and 4 of the Mochovce Nuclear Power Plant, which are currently under construction.^[25]

United Kingdom

In November 2014 it was announced, that EPH will acquire Eggborough Power Station.^[26] The transaction was completed in January 2015.^[27]

In January 2016 EPH acquired Lynemouth power station from RWE npower.^[28] In February 2016 it was reported that EPH are entering the SME retail energy market with a new online service called Energy Scanner.^[29]

References

External links

• Official website (English)