BOSNIAN LARGEST POWER UTILITY PICKS THREE BIDDERS FOR 2009 POWER SURPLUS

SARAJEVO, Bosnia (September 18,2008) - Bosnia's largest power utility Elektroprivreda BiH (EPBiH) picked three firms, including Switzerland's Atel, as the best bidders to buy its 2009 power surplus of 1,600 gigawatt-hours worth 138 million Euros (195.8 million US Dollars).

The other two were Energy Financing Team (EFT) and Slovenia's GEN-I, EPBiH General Manager Amer Jerlagic said.

"Atel offered 80.6 Euros and 80 Euros per megawatt hour respectively for 1,051 gigawatt hours of electricity offered in the tender's two different lots," Jerlagic said.

GEN-I and EFT submitted bids at 86.1 Euros and 83.53 Euros per megawatt hour for the remainder of the power surplus on offer, he said.

Ten firms, including Czech company CEZ,Switzerland's EGL and Espada, Croatian utility HEP,Slovakia's Korlea, Montenegro's aluminium smelter KAP and Bosnia's utility EPHZHB had applied in the tender.

The Sarajevo-based company is selling off its largest power surplus in five years because a deal, by which it paid with electricity for an investment in a Bosnian power plant, expires this year.

Bosnia and Bulgaria are the only electricity exporters in southeastern Europe while other countries rely on imports, with power shortages ranging from 30 to 50 percent. About half of Bosnia's power is generated in hydro-power plants.

Jerlagic has said that EPBiH, which plans output of 6,700 GWh in 2008, also plans to sell another 300 GWh of electricity next year on a short-term basis through an international tender.This is expected to bring 27 million Euros in revenues.

Last year, state-owned EPBiH signed deals worth 54 million Euros to sell
725 GWh of surplus electricity in 2008 to Atel and EFT at 75 Euros per megawatt hour.
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