This decision came at a time of considerable turbulences for the Bulgarian electricity market. The current sector inquiry comes 2 years after the start of operations of the Bulgarian energy exchange – the IBEX. Just recently, changes to the Energy Act were introduced to change the existing organization of bilateral trade, by forcing all transactions above 5 MW to be performed via the IBEX, effective as of 1 January 2018. The reasons for the changes to the Energy Act were allegedly to ensure better transparency and reduction of possibilities for speculations.
The previous sector inquiry on the electricity sector in Bulgaria was back in 2013 when a number of competition concerns were identified on all levels of the value chain of electricity – generation, transmission, wholesale and trading and distribution. In December 2017, the CPC has issued three decisions imposing considerable sanctions to electricity distribution companies and their trader affiliate companies for abuse of dominance.
The CPC is expected to send out questionnaires to a wide range of market participants in the coming weeks, which should allow the CPC to obtain a comprehensive picture of the Bulgarian electricity markets. The previous electricity market inquiry was completed within 3 years.
Considering the thorough approach of the CPC and based on our experience from sector inquiries in other sectors over the past few years, it will be critical for all stakeholders to undertake internal analysis of their operations and prepare very carefully for the upcoming questionnaires from the CPC. There are a number of examples where answers by stakeholders in the course of such inquiries were not carefully considered and raised competition concerns leading to formal breach investigations. It remains to be seen what the main focus of the sector inquiry will be, however all stakeholders should be prepared for taking part in the inquiry.
1 http://reg.cpc.bg/Dossier.aspx?DossID=300052406
Read the full text
Bulgarian competition watchdog launches a sector inquiry into electricity markets
On 22 January 2018 the Bulgarian Competition Protection Commission ("CPC") announced that it opened a sector inquiry into the electricity markets in Bulgaria. The formal decision has not yet been published. However, the sector inquiry is expected to cover the entire electricity value chain....
Arbeitsrecht Frankreich: alles neu?
Der französische Staatspräsident Emmanuel Macron hat eine weitreichende Reform des französischen Arbeitsrechts versprochen – und zur Jahreswende 2017/2018 nun auch geliefert. Hunderte Seiten des „Code du travail“ wurden gestrichen, gekürzt oder neu verfasst mit dem Ziel das französische Arbeitsrecht moderner und flexibler zu gestalten und Frankreich für Investoren wieder attraktiver zu machen. Matthias Rubner, Partner […]...
Wolf Theiss und Mergermarket präsentieren neuen M&A-Ausblick für Zentraleuropa (CEE):
Wien/London, 22.01.2018 – TMT (Technologie, Medien, Telekommunikation) wird in den kommenden 12 Monaten zum attraktivsten Sektor für M&A- Transaktionen in CEE. Das ist das Ergebnis des neuen Corporate Monitors von Wolf Theiss und Mergermarket, für den 150 Top-Manager über ihre Meinungen und Erwartungen befragt wurden. 62% der Befragten nannten TMT als einen der beiden zukunftsträchtigsten […]...
Andreas Theiss erhält das Goldene Ehrenzeichen für Verdienste um die Republik Österreich
Wien, 16. Januar 2018 – Andreas Theiss, Gründungspartner von Wolf Theiss, hat letzte Woche das Goldene Ehrenzeichen für Verdienste um die Republik Österreich überreicht bekommen. Die Verleihung erfolgte durch den Präsidenten des Oberlandesgerichts Wien, Gerhard Jelinek. Die Laudatio wurde von der Vizepräsidentin des Oberlandesgerichts Wien, Waltraud Berger gehalten, die den Anwesenden über einige Beispiele von […]...
Festgelegte Anlagestrategie versus Unternehmensgegenstand
Kann eine festgelegte Anlagestrategie, die für das Vorliegen eines AIF eine unabdingbare Voraussetzung ist, überhaupt bestehen, wenn der Unternehmensgegenstand im Gesellschaftsvertrag (Satzung) die einzige gesellschaftsrechtliche Vorgabe darstellt? Bereits seit Inkrafttreten der Alternative Investmentfonds Manager Richtlinie („AIFMD“) bereitet ein Tatbestandsmerkmal bei der Beurteilung der Frage nach dem Vorliegen eines Alternativen Investmentfonds („AIF“) besondere Schwierigkeiten, nämlich das […]...
Wolf Theiss advises T-Mobile on the acquisition of UPC Austria
Vienna, 22 December 2017 – Wolf Theiss has advised mobile operator T-Mobile on the acquisition of UPC Austria. Liberty Global plc, the largest international cable network operator, was the seller. The purchase price amounts to € 1.9 billion, making it to one of the biggest transactions in Austria and Central Europe in 2017. Wolf Theiss […]...
Wolf Theiss to continue support for women’s entrepreneurship in Poland
Warsaw, 18 December 2017 – Wolf Theiss has completed its first year of partnership with the Women’s Entrepreneurship Foundation (Fundacja Przedsiębiorczości Kobiet) and Black Swan Fund in Poland and announced plans for closer cooperation as part of the international law firm’s commitment to supporting development and social capital among women. During the first year of […]...
Wolf Theiss strengthens its real estate and energy teams in Romania with the addition of two lawyers
Bucharest, 11 December 2017 – Wolf Theiss welcomes back Flaviu Nanu as Counsel and adds Sebastian Boțic as Associate in the Firm’s Real Estate, Energy and Infrastructure practice groups. Flaviu Nanu previously worked at Wolf Theiss from 2006 until 2008 and thereafter he was a counsel in the Real Estate and Energy department of the […]...
Wolf Theiss und Wildmoser/Koch beraten bei französisch-österreichischer Unternehemenstransaktion
Wien/Warschau, 30 November 2017 – Wolf Theiss berät Saint-Gobain bei dem Erwerb von 90% Anteilen an dem auf die Produktion ökologischer Dämmstoffe spezialisierten polnischen Unternehmen ISOROC Polska. Saint-Gobain stärkt mit dieser Akquisition seine Positionierung in der zentraleuropäischen Dämmstoff-Industrie. Das Signing hat am 24. November 2017 stattgefunden. Felix Michael Klement (Wildmoser/Koch & Partner Rechtsanwälte) beriet dabei […]...
Wolf Theiss Warsaw conference sees value in enhancing whistleblowing best practices in Poland
Warsaw, 30 November 2017 – Polish companies should intensify efforts to strengthen their internal whistleblowing systems, which increase value for all stakeholders and can prevent reputation crises, according to experts gathered at a seminar held by international law firm Wolf Theiss in Warsaw. Participants in the conference, which brought together compliance officers from leading enterprises […]...
Wolf Theiss recognized for M&A deals completed in the first half of 2016 in Poland
Wolf Theiss Warsaw has been recognized as one of the top 10 law firms for H1 2016 in M&A transactions in Poland by Mergermarket, the leading independent data service provider for Mergers & Acquisitions in Europe....
Automated Systems Holdings Limited acquires tech company Grid Dynamics, INC. – Wolf Theiss represents the acquirer-side
Kyiv, Warsaw, 25 January 2017 – The leading Chinese IT solutions and services provider AUTOMATED SYSTEMS HOLDINGS LIMITED is to merge with the U.S. based Grid Dynamics, Inc....