Electricity

Petrol completes takeover of electricity supplier E3

Photo: Pixabay/sakulich

Published

January 13, 2021

Country

Comments

0

Share

Published:

January 13, 2021

Country:

Comments:

0

Share

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.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Serbia opens door for batteries as solution for intermittency of renewables rajakovic nikola

Serbia opens door for batteries as solution for intermittency of renewables

04 February 2023 - We spoke with Professor Nikola Rajaković about proposed changes to the Law on the Use of Renewable Energy Sources

Serbia gets its first commercial PPA financing secured for Krivaca wind farm

Serbia gets its first commercial PPA – financing secured for Krivača wind farm

03 February 2023 - MK Group and ALFI Green Energy Fund have secured EUR 155 million for the project from a consortium of lenders led by Erste Group

Bulgarian IBEX exchange market guarantees of origin

Bulgarian IBEX exchange to set up market for guarantees of origin

03 February 2023 - Independent Bulgarian Energy Exchange – IBEX said it would organize a market for guarantees of origin of electricity

windeurope wind turbenes orders drop 2022

Wind turbine orders in EU drop by almost half in 2022

03 February 2023 - It is the continuation of the downward trend as orders have been declining since the first quarter of 2021