Final Word from Tuesday, August 13, 2024
In Oct. 2023, Industry Min. Jozef Síkela (STAN) complained to the Financial Times that Daniel Křetínský of EPH was using Blesk to attack him over the purchase of Net4Gas pipeline company. The FT reported that Síkela used state-owned grid company ČEPS to pay €205m plus debt, while the debt in 2022 was €13.6bn. One line in the FT article didn't exactly go according to Síkela's plan: "Other bidders, including Křetínský, offered significantly less than the government for the energy business, according to one person close to the deal." Blesk is now back on the attack, saying this week that the high price Síkela paid can cause regulated gas fees for Czechs to rise. In response, Síkela went defensive in MFD today, saying that the fees would rise regardless of who bought the pipelines. He defended the price he paid and trotted out valuations by EY, Citigroup London and Grant Thornton to prove it. But he didn't touch the main question: Did other bidders, including Křetínský, offer significantly less? ] Czech Republic electric tabloid Czech Media Center ]
Glossary of difficult words
grid - a network of cables or pipes for distributing power, esp. high-voltage transmission lines for electricity;
to trot out - to provide an explanation or piece of information that has already been used many times before.