The Commission for Protection of Competition (CPC) has initiated an in-depth investigation into the deal through which Nomad Capital Group EOOD plans to acquire sole control over ContourGlobal Maritsa Iztok 3 AD and ContourGlobal Operations Bulgaria AD. The investment proposal, announced in August, involves the acquisition of a majority stake in both companies, in which the National Electric Company EAD is also a shareholder.
During its preliminary investigation, the antitrust authority found that the acquiring entity, Nomad Capital Group EOOD, is a newly established structure that is part of the Nomad Group, which operates on the free wholesale electricity market. Given the profile of ContourGlobal Maritsa Iztok 3 AD, CPC experts predict that the potential concentration will create horizontal effects in wholesale trading at negotiated prices, as well as vertical effects covering the electricity production and sales market.
A critical aspect of the deal is a preliminary restructuring condition, under which the renewable energy production assets—specifically the battery storage system and the solar power plant—are to be separated into a new joint-stock company. Because the sector regulator has not yet ruled on this plan, the CPC will request an official opinion from the Energy and Water Regulatory Commission (EWRC). The objective is to determine the precise impact of this separation on the deal's parameters and to define the scope of the assets subject to the concentration assessment.
In parallel, the Commission is verifying the actual beneficial ownership. Although documents in the Commercial Register indicate that Nomad Capital Group EOOD is owned by Nomad Energy Company EOOD, with a private individual as the ultimate owner, the CPC has received a report regarding potential links between Nomad and other players in the energy sector. The Commission emphasizes that only information from competent authorities can identify the real owners and market shares of the acquiring economic group, which is crucial for the final conclusions of the analysis.
Changes in the ownership of major energy assets impact the security of supply and electricity prices for households and businesses in the Burgas region.
The legal basis for the in-depth investigation is the Law on Protection of Competition, which mandates such a step when expert analysis from a specialized state body is required or when there are serious concerns regarding financing and beneficial ownership. The CPC highlights that, due to the critical importance of the energy sector to society, any such concentration requires a careful analysis of its impact on the competitive environment. Within 30 days of the decision being published in the Commission's electronic register, any interested party may submit opinions or information regarding the deal's effect on the market.