Mol, CEZ Halt Gas-Fired Plant Project in Slovakia on Gas Prices

A venture of CEZ AS (CEZ) and Mol Nyrt. put on hold a project to build a gas-fired plant in Slovakia because of high gas prices.

“We haven’t completely abandoned the project, but put it on hold,” Slovnaft’s spokesman Anton Molnar said in a phone interview today. “Currently, electricity prices are low and gas prices are too high. We will start reconsidering the project when the market conditions change.”

The venture received government approval in 2010 to build an 880 megawatt gas-fired power plant near the Slovnaft refinery, Mol’s unit in Slovakia. The plant was scheduled to be operational in 2013 and its cost was estimated at as much as 720 million euros ($941 million) by the venture.

To contact the reporter on this story: Lenka Ponikelska in Prague at lponikelska1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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