The Czech company CEZ invested 65 million leva in 2005 in its three electric power supply companies in Bulgaria.

CEZ owns 67 per cent of the Sofia electric distribution company, of the Sofia region distribution company and of the Pleven power supplier, the Bulgarian National Radio reported.

Most of the funds were used for the renovation and modernisation of the distribution network.

As a part of the CEZ Group, the Bulgarian companies contributed for the formation of the positive financial results of the group for 2005. CEZ sold 74.4 TWh of electric energy, which represents a 10 per cent increase compared to the 2004 quantity.

Nearly 10 per cent of the overall sales have been carried out through the Bulgarian companies. The three electricity distributors minimised losses along the network by 11.4 per cent, despite the increased consumption.

In 2005 the net consolidated profit of the company reached 750 million euro. Its income rose by 21.8 per cent.