The EBRD has signed an agreement to acquire 9.8 per cent stakes in two Romanian energy holding companies, which are majority-owned by ’s E.ON Group, a leading global private sector energy company.

Through this transaction EBRD shall have an indirect five per cent stake in E.ON Gaz , a gas distribution company supplying northern . It shall also have an indirect five per cent stake in E.ON Moldova, an electricity distribution company supplying north-eastern .

The investment will support the E.ON Group’s strategy to strengthen operations in . It will also support the on-going privatisation, liberalisation and modernisation of ’s power and gas sectors in line with the EU directives on Power and Gas and assist the further development of the Energy Community of SouthEastern Europe. The investment is also part of the EBRD’s commitment to supporting ’s energy sector by working with the private sector.

Nandita Parshad, EBRD Director for Power and Energy, said this project further demonstrates the EBRD’s commitment to working with strong private investors in the restructuring, privatisation and liberalisation of the energy sector. The EBRD especially welcomes the opportunity to continue working with partners like E.ON Ruhrgas and E.ON Energie, which are committed to developing the energy sector in the region, said Mrs Parshad.

In June 2005 E.ON Ruhrgas, one of the leading gas companies in Europe, acquired a 51 per cent stake in Distrigaz Nord (now re-named E.ON Gaz ). In October 2005 E.ON Energie, one of the world’s large private energy suppliers, acquired a 51 per cent stake in Electrica Moldova (now re-organized in E.ON Moldova Distributie and E.ON Moldova Furnizare).

The overall strategy of E.ON Gaz and E.ON Moldova will be to improve technical and operational efficiency and service quality that will ultimately benefit its customers, and to generate synergies between the gas and electricity businesses.

E.ON Gaz serves over 1.2 million consumers, selling annually over 4 billion cubic meter of gas. E.ON Moldova, supplies 1.3 million customers, selling annually over 4.3 billion kWh electricity.

The EBRD is one of the largest investors in , having committed nearly €3.5 billion in more than 190 projects to-date.