Media centre / Press releases / HSE group is richer for the company ECE (en translation)

HSE group is richer for the company ECE (en translation)

Company Holding Slovenske elektrarne (HSE), the largest Slovenian producer of electricity from renewable sources, officially entered the retail electricity market on Thursday, October 14, 2021, by purchasing a 51% stake in the company ECE energetska družba d.o.o. The combined knowledge of both companies brings a new partner to Slovenian end customers in providing modern and competitive energy products and services.

Today, HSE as the buyer and Elektro Celje and Elektro Gorenjska as the seller signed an agreement on the sale of a 37.9% business share of the company Elektro Celje and a 13.1% business share of the company Elektro Gorenjska in the company ECE. HSE thus became the majority, 51% owner of the company with seventy-five employees, a more than 15% share in the electricity market in Slovenia, a wide range of energy solutions and its own online store. As of today, ECE has joined the more than ten companies of the HSE Group in Slovenia.

The new partnership between HSE – the largest Slovenian producer of electricity, including from renewable sources, and the electricity supplier from Celje, offers a number of opportunities to achieve synergy effects. Together they will be active in the development of new products and services in the field of energy efficiency and the efficient transition of Slovenia to a low-carbon society. They also hope for positive effects in specialisation in core business segments (electricity) in the field of energy projects.

The General Manager of HSE, Mr Viktor Vračar, PhD, expressed his satisfaction at the signing of the contract: “Finally, the moment has come when we can say that we have expanded our activity to the retail electricity market. We have been building a quality partnership with the company ECE for years; their entry into the HSE Group is thus only a formality that will enable us to make the best use of the knowledge and experience accumulated over the years: ours, HSE’s, in the field of electricity generation and trading, and ECE’s experience in selling to end customers. I am looking forward to the first projects in which we will combine our advantages and their results, the ultimate goal of which is, of course, a satisfied customer.”

The President of the Management Board of Elektro Celje, Mr Boris Kupec, M Sc, said: “The connection between the companies ECE and HSE is a natural synergy of wholesale and production owned by Slovenia with the market, all with the aim of further developing the energy market, so all further activities will be focused on the future needs of a dynamic market. Connecting with the company HSE, as an important producer and participant in the wholesale market and a major supplier of electricity to trading companies, will bring important synergies. Given the fact that the company HSE is the largest producer of electricity from renewable sources, this integration will also contribute to the common vision of the country in its efforts to reduce its carbon footprint and enable the transition to a climate-neutral society. In the process of merging, we strived to preserve the ECE brand, the number of employees and the company’s headquarters in Celje, and the further development of the company, which we also managed to achieve in the agreements.”

President of the Management Board of Elektro Gorenjska, Mr Ivan Šmon, Ph D stated: “Elektro Gorenjska and Elektro Celje, as the owners of the company ECE, have been shaping the possible further development of the company ECE for several years. Different scenarios have been created, as we all know that the electricity sales market in Slovenia is specific. I am very pleased that we have successfully completed the merger project and I hope that together we will be even better in the market. At this point, a sincere thank you to all participants, and I wish the new company bold plans and good business results. “

With today’s signing of the contract between the companies HSE and ECE, the Slovenian energy market thus obtains a new reliable business partner: “Joining the HSE Group opens up access to reliable energy, especially from renewable sources, and to a wealth of knowledge that will find its role in ECE in the development of new products in the energy solutions segment. The strong capital background of the HSE Group will also help in offering larger, more complex and financially demanding projects that we have not implemented so far, e.g. energy rehabilitation and energy contracting. We also expect that within the group we will reduce the risks we now take on the long-term purchase and sale of energy products. For end customers, the first priority remains security of supply, followed by a favourable price in the long run and the development of new products,” emphasised the General Manager of ECE, Mr Sebastijan Roudi, M Sc.

The Public Agency for the Protection of Competition of the Republic of Slovenia also gave the green light to the purchase of a 51% stake, confirming by a decision of 30 August 2021 that the concentration of both companies notified by the company HSE on 23 December 2020 is compliant with competition rules.


Corporate Communications Department of HSE Group