Croatian PM says HEP IPO most efficient model for INA buyout

Prime Minister and HDZ leader Andrej Plenkovic on Saturday commented on models for buying back Hungarian oil and gas company MOL's stake in INA, saying that an initial public offering of 25% of the HEP power company's shares to obtain funds for INA's buyout was "the most efficient, fastest, simplest and cleanest option with the fewest participants, which enables the state, which is the owner (of HEP), to control the process in its entirety."

Economy minister: IPO of minority interest in HEP still good model for INA buyout

Croatian Economy Minister Martina Dalic of the Croatian Democratic Union (HDZ) on Saturday commented on possible models for buying out Hungarian oil and gas company MOL's stake in the Croatian oil and gas company INA, repeating that "an initial public offering of a minority interest in the HEP power company is practicable and a good model that preserves the company while ensuring a number of advantages and benefits for Croatian citizens."

Economic expert: HEP mustn't be touched

Economics professor Ljubo Jurcic on Wednesday said that the state-run power provider - HEP - must not be touched or be a subject of trade because it was founded to produce sufficient quantities of electricity for the country. 

Croatian PM to meet with HEP unions regarding INA buyout model

Prime Minister Andrej Plenkovic announced on Saturday that he would soon meet with leaders of the unions active in the state-owned HEP power company and explain to them the government's plan for the buyout of MOL's stake in INA through the sale of a stake in HEP, stressing that the move would not be damaging to the HEP workers.

PM says hasn't heard of any better model for INA buyout than HEP IPO

Prime Minister Andrej Plenkovic repeated in the parliament on Tuesday that the government planned to buy back Hungarian oil and gas company MOL's stake in INA, adding that so far he had not heard "of any better or more efficient model (of purchase) that would not include an increase in public debt, than the proposal for an initial public offering of 25% minus one share of the HEP power company."

War veterans' leaders say veterans should be given 7% of HEP shares

Commenting on the possible sale of 25% of HEP power company shares, the leader of the Association of Special Police from the 1991-95 Homeland War, Josip Klemm, said on Wednesday that war veterans should participate in the transaction in such a way to allow the transfer of 7% of HEP shares to the War Veterans' Fund.

INA is a smoke screen to privatise HEP, says SDP leader

Social Democratic Party leader (SDP) Davor Bernardic said on Wednesday that the planned takeover of MOL's shares in Croatia's INA oil company was a smoke screen to privatise the country's electricity power provider HEP, which would lead to higher prices of electricity and Croatia losing its energy independence.

Dalic: Sale of HEP shares is decision of entire Cabinet

The Deputy Prime Minister and Minister of the Economy, Martina Dalic, said on Monday that decisions of the government were made by the coalition partners together, dismissing speculation that the Bridge party, a junior partner in the ruling coalition, was against the proposed sale of government shares in the HEP power company in order to buy the Hungarian energy group MOL's stake in the INA oil and gas company.

SDP finds planned HEP privatisation for INA unacceptable

Social Democratic Party (SDP) parliamentarian Pedja Grbin said on Saturday that a model outlined by Prime Minister Andrej Plenkovic for an initial public offering (IPO) of HEP power company shares to ensure funds for buyout of MOL's interest in INA was unacceptable for the strongest Opposition party.

S&P upgrades HEP power utility's rating

Standard & Poor's (S&P) on Friday upgraded the credit rating of Croatia's power utility HEP to BB from BB -, largely due to improved liquidity.

HEP to supply electricity to Slovenian Railways

Croatia's national power provider Hrvatska Elektroprivreda (HEP) on Friday signed an HRK 26.5 million agreement with Slovenian Railways for the supply of electricity over the next three years, HEP announced in a press release.

HEP earns HRK 1.2 bln in net profits, invests HRK 175 mln in H1

The HEP power supplier earned net profits in the amount of HRK 1.2 billion in the first half of 2016, which is HRK 276 million more than in the same period last year, and its investments grew by 73% to HRK 174.7 million, shows a financial statement released by that state-owned company.

Minister says making profit must not be main goal of state-owned companies

Enterprise and Crafts Minister Darko Horvat said on Thursday that making profit should not be the prime objective of the HEP power company and other public companies, adding that state-owned companies must be a reliable provider of services to citizens and industry. 

1,500 to leave HEP power company by end of 2017

Approximately 1,300 people will leave the Croatian power company HEP next year through scheduled and early retirement and another 200 will be sent to a new public supply company, HEP reported on Thursday, adding that over the next several years the number of the company's employees should be reduced by a quarter.

HEP makes EUR 212.8m in profit in 2015

The HEP power utility made HRK 1.6 billion in profit in 2015 and the general assembly decided on Monday to set aside HRK 525.7 million as retained profits from regular business and HRK 634.3 million as other retained profits.

Panenic: EC sees HEP-Marubeni cooperation in Plomin C as unacceptable support

Speaking to reporters in Split, Panenic said the note would be considered. He said it was very important that both companies responded to the Commission's opinion so that "a final solution regarding Plomin C" could be reached.

Gov't to decide on lower gas price, noise maps

The Croatian government, which will convene on Wednesday, is expected to make decisions that will lead to a cut in natural gas prices for households between 15-20%.

HEP to invest HRK 3.5 bn for reconstruction of power plants

The president of the Management Board of the national electricity provider HEP, Perica Jukic, on Friday said that the company would invest HRK 3.5 billion by 2020 in the reconstruction and revitalisation of hydro-electric power plants (HE) in the country.

Activists: Analysis shows Plomin C not feasible

Green Action and DOOR on Monday presented the results of the analysis and said that they would send the study to the government, relevant ministries, parliamentary committees and benches and to the national electricity provider HEP.

Moody's affirms Croatian power utility's rating, stable outlook

Moody's Investors Service on Friday affirmed the Ba2 credit rating of Croatian national electricity company Hrvatska Elektroprivreda (HEP) and a stable outlook because of HEP's good financial positions.

HEP rejects RWE's accusations of market obstruction

Croatian state-owned power provider HEP on Tuesday rejected accusations by its rival RWE Energija that it was obstructing the liberalisation of the Croatian electricity market with the aim of restoring its monopoly.

Slovenia pays Croatian provider EUR 42m for undelivered electricity

Part of the money came from the budgetary reserves of the environmental ministry and part through the reallocation of other ministries' unused funds.

Slovenian PM unpleasantly surprised by finding for Croatia's HEP

Cerar did not bring the ruling into question and is seeking a solution together with Finance Minister Dusan Mramor.

Slovenia must pay more than EUR 40 mln to HEP for undelivered electricity

The tribunal decided that Slovenia must pay damages in the amount of some EUR 20 million, plus interest, and 10 million US dollars to cover HEP's legal fees.

Osijek to become energy hub, says economy minister

Economy Minister Ivan Vrdoljak said on Friday that the construction of a cogeneration power plant would turn the eastern city of Osijek into an energy hub of eastern Croatia

Sisak power plant's new block on trial run

Attending the ceremony, Economy Minister Ivan Vrdoljak said that this event showed that it was possible to build and set up new plants and develop industry in Sisak.

Daylight saving time ends, clocks to go back 1 hour

Drivers must keep their headlights on during standard winter time in Croatia.

HEP issues new bonds

he Hrvatska Elektroprivreda (HEP) power company issued USD 550 million worth of bonds on foreign capital markets on October 19, ...