Fico wants the state to take control of Slovenské elektrárne, aiming for 51 percent

Bratislava, 22 April (CTK) - Slovak Prime Minister Robert Fico today called for the state to increase its stake in the country's largest electricity producer, Slovenské elektrárne (SE), with the aim of gaining control of the company. The Slovak government currently holds 34 percent of SE's shares, while the remaining 66 percent is owned by the Energetický a průmyslový holding (EPH) group, owned by businessman Daniel Křetínský.

According to Fico, the opportunity for the state to buy a 17 percent stake in SE will arise once the fourth unit of the Mochovce nuclear power plant is commissioned. SE is completing its construction.

"If it is feasible—I am not talking about the money—and there are no other obstacles, I fully support the idea politically of acquiring a further 17 percent in Slovenské elektrárne. That would mean the Slovak Republic could hold 51 percent in Slovenské elektrárne," Fico said.

The Italian group Enel bought a controlling stake in SE when the electricity producer was privatized. Ten years ago, EPH first acquired a 50 percent stake in Slovak Power Holding (SPH), which holds 66 percent of SE's shares. Last year, EPH took full control of SPH, and thereby of the Slovak electricity producer.

Two years ago, Slovenské elektrárne posted a record net profit of 795.1 million euros (19.3 billion Kč). The company had earlier attributed the improvement in its financial results to its chosen strategy for electricity sales and the operation of the new third unit at the Mochovce nuclear power plant.

Fico's government is also preparing to build a new nuclear power plant under state ownership. US company Westinghouse is expected to partner with Slovakia on the project.