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29 October 2004 - E.ON and the Bulgarian government have signed an agreement enabling E.ON to purchase stakes in the regional utilities Gorna Oryahovitza and Varna.

E.ON's energy arm, E.ON Energie, will acquire a 67 per cent interest in each of the two companies for a combined €140.7m ($179m).

E.ON chairman and CEO, Wulf H. Bernotat said, "Tapping the Bulgarian market takes us another step forward in rolling out our strategy of growing in our target markets by making appropriate investments."

With a joint sales volume of almost five billion kWh and a customer base of 1.1 million, the two regional utilities account for 25 per cent of the Bulgarian electricity market. They generated €215m in sales during 2003.

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