The planned merger of two of Slovenia's biggest electricity traders is set to continue as the Competition Protection Agency has cleared the operation, representatives of Gen-I and Elektro energija announced on Tuesday.

The merger will create the biggest electricity trader in the country, which will control 40% of the market.

The two companies, which launched the merger late last year, have made the commitment that they will not raise electricity prices for households for five years.
"We have been the cheapest for six years in a row, and nothing will change, we will continue to be the cheapest," Gen-I chairman Robert Golob told the press in Ljubljana.

Gen-I will enter Elektro energija, which is currently fully owned by Ljubljana-based distributor Elektro Ljubljana, with a capital injection to become the owner of a 50% stake.

This is expected to take place in 2016, but it is not known yet how much fresh capital the electricity trader and emerging gas supplier will provide as appraisals are still under way.

Elektro Ljubljana chairman Andrej Ribič added that Elektro energija was entering the merger "pretty healthy", as it operated positively and much better than last year.
The procedure is expected to be carried out throughout the entire 2016 and completed in 2017. There will be no changes for consumers as the Gen-I and Elektro energija brands will remain separated.

While the capital injection is the first phase of the merger, further steps will be set depending on the developments and are not envisaged before 2017, according to Golob reports Slovenia TImes.

(balkans.com)