Petrol completes takeover of electricity supplier E3

Slovenian energy group Petrol has completed the takeover of electricity supplier E3, a subsidiary of state-run power distribution company Elektro Primorska, nearly a year after signing an acquisition agreement.

Petrol signed the deal to buy 100% of E3 for about EUR 15 million in February 2020, after outbidding Slovenian energy group GEN-I and state-owned electricity producer Holding Slovenske Elektrarne (HSE), according to Slovenian media reports.

Mainly an oil products trader, Petrol has been making inroads into other sectors in recent years, such as energy services (ESCO), energy efficiency, and renewable electricity.

The acquisition will increase Petrol’s share in Slovenia’s retail electricity market to 20%

E3, the fourth largest electricity seller in Slovenia, posted EUR 90 million in revenues in 2019. Operating in western Slovenia, it commands an 11% market share in the country, supplying some 15% of household customers, according to local media. According to an earlier report by STA, the acquisition of E3 will increase Petrol’s share in the Slovenian retail electricity market to 20%.

Petrol has pledged to keep all E3 workers for at least five years

Petrol intends to develop E3 operations in the future, while keeping the existing jobs, the company said in an announcement on its website. According to local media, Petrol has pledged not to relocate E3’s headquarters from the city of Nova Gorica or lay off any employees for at least five years.