October 17, 2016 / 2:27 PM / 2 years ago

Czech group EPH says Brexit not changing UK power plant plans

BRATISLAVA, Oct 17 (Reuters) - Britain’s decision to leave the European Union will not change privately-owned Czech energy group EPH’s investment plans in the country, its chief executive said on Monday.

EPH acquired the 420 MW Lynemouth powerplant from RWE in January, taking on a project to convert the coal-fired plant to the burning of biomass fuel.

Daniel Kretinsky said Brexit, which will not actually happen for at least two years, was an “inconvenience” given the uncertainty it brought but it would not be a major problem.

“(Brexit) is not a factor that would limit our interest in other projects. We are continuing in a project (at Lynemouth) to convert the thermal plant to biomass, an investment of 400 million euros,” he said.

“Our faith in the quality of the British legislative environment, regulatory framework and overall culture is very solid and can’t be changed by Brexit,” he added.

EPH has grown into one of central Europe’s biggest energy companies with acquisitions also made in recent years in Italy and Germany, among its other markets. It also owns the Eggborough power plant in Britain. (Reporting By Tatiana Jancarikova; Editing by Greg Mahlich)

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