Czech power distributor Energo-Pro has raised its offer for the acquisition of the assets of its peer CEZ Group in Bulgaria to more than 300 million euro ($359.7 million), Prague-based media reported, as quoted by www.seenews.com.

“Energo-Pro has responded to the request of CEZ to adjust its offer for the acquisition of its assets in Bulgaria, and today it has submitted an improved offer that meets the required parameters,” daily Hospodarske Noviny quoted the spokesperson for Energo-Pro, Hana Hikelova, as saying.

The offered price exceeds the initial investment of the Czech company in Bulgaria, or 281 million euro, and is also higher than the 300 million euro that CEZ requested for the assets initially, Hikelova said.

Last week, Hospodarske Noviny reported that CEZ Group is not satisfied with the offers it has received for its Bulgarian assets, including a 50 million euro bid for its 1,260 MW coal-fired Varna thermal power plant (TPP), and will not sell if they are not improved. The company has given one week to the bidders to sweeten their offers. “We are still negotiating with several bidders,” Hospodarske Noviny quoted the spokesperson of CEZ, Ladislav Kriz, as saying on Thursday.

The Varna TPP halted production two and half years ago, as it was not able to meet the stricter environmental rules of the European Union. CEZ decided not to invest in its overhaul thereafter.

Bulgaria’s energy regulator said on Thursday it granted a permission for decommissioning of three units of Varna TPP. As a result of the decommissioning, the capacity of the plant will decrease to 630 MW.

The assets of CEZ Group in Bulgaria comprise CEZ Distribution Bulgaria, the public supplier of electricity and a licensed trader CEZ Electro Bulgaria, licensed electricity trader CEZ Trade Bulgaria and Varna thermal power plant. The operations of those companies are managed and coordinated by CEZ Bulgaria EAD.