E.ON and Czech Coal to Suspend Power Plant Negotiations
Posted on: Tuesday, 20 May 2008, 06:00 CDT
German utility major E.ON and mining company Czech Coal are expected to halt negotiations over building a joint venture coal-fired plant in the northern part of the Czech Republic, over concerns regarding Czech Coal's ongoing dispute with power generator, CEZ, according to Thomson Financial.
The news source noted that Czech Coal's subsidiary, Mostecka Uhelna (MUS), and E.ON had initiated talks in 2007, to build a E2 billion coal-fired power plant in the Czech Republic.
E.ON has indicated that it will return to the negotiating table only if Czech Coal resolves its dispute with CEZ.
The news source noted that CEZ had launched litigation against the Czech mining firm, after the two sides failed to reach an agreement over long-term coal supplies, debilitating CEZ's plans to build a power plant in the country at Pocerady.
Thomson Financial noted that CEZ had earlier held negotiations with Czech Coal to acquire MUS, but was unsuccessful in its efforts due to increased price demands. MUS reportedly then made an offer to acquire CEZ's Pocerady plant for CZK28 billion.
Source: Datamonitor
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