ČEPS files criminal complaint over NET4GAS acquisition

The Czech state-owned electricity transmission company ČEPS has filed a criminal complaint regarding the 2023 acquisition of NET4GAS Holdings, a major operator of gas pipelines and delivery stations. The decision follows an internal audit commissioned by the current ČEPS board, which revealed “fundamental doubts” about the circumstances under which the purchase took place.

NET4GAS was acquired following a government decision under Prime Minister Petr Fiala. At the time, the former Minister of Industry and Trade, Jozef Síkela, justified the purchase as a necessity for ensuring stable gas transport during the country’s decarbonization process. The company was previously owned by a consortium including Allianz Infrastructure Luxembourg and Borealis Novus Parent.

While the final purchase price was not disclosed, previous reports indicated a maximum potential payment of five billion CZK, depending on economic parameters. NET4GAS operates approximately 4,000 kilometers of pipelines and numerous compression and delivery stations. ČEPS Chairman Jan Kalina stated that the audit led to the decision to seek legal action, though specific details regarding the targets of the complaint or the audit findings have not been released due to the ongoing criminal proceedings.