ENERGO PRO Georgia to Be Sold

The largest energy distributor company, ENERGO-PRO Georgia is gearing up to be sold. The announcement, according to Tabula.ge, was confirmed by the Deputy General Director of the company, Mikheil Bortsvadze.

Negotiations concerning the company’s assets and their assessment process are currently being held in the central office of Prague.

One of the main reasons for this decision by the company appears to be the only partial fulfillment of ENERGO PRO’s demands by Georgian National Energy and Water Supply Regulatory Commission regarding raising electricity prices.

Leadership of the Czech Company accuses the state Regulatory Commission of contributing to destroying one of the largest and most successful companies in the country.

The management claims ENERGO PRO has fallen into a deep pit of financial crisis, the core reason why [they] needed to raise electricity prices.

The government, which had promised its voters a considerable decrease in energy prices three years ago [in the parliamentary elections of 2012], would ‘get punch’ from its citizens for fulfilling the promises in the ‘wrong way’.

The company says that alleged buyers exist for ENERGO PRO Georgia; however exact conditions and participants of the deal are as yet unknown. The company, which entered the Georgian market back in 2007, has been supplying almost the entire country, excluding Kakheti and Tbilisi, as the owner of 15 hydroelectric stations across the country.

Zviad Adzinbaia