The Austrian power utility EVN will acquire the power grid in Sunny Beach at a price of no more than BGN 20.397mn (EUR 10.4mn) as set in the privatisation contract, according to the agreement signed last week by representatives of EVN and the executive directors of the privatisation and post-privatisation agencies Todor Nikolov and Atanaska Bozova. The state will pay additionally BGN 23.835mn to the private shareholders of the resort. Last month, the cabinet approved a decision for transferring the ownership following a EUR 27mn international arbitration appeal launched by the Austrians. EVN will withdraw compensation demands after the government’s decision. EVN acquired 67% of the two power distribution groups in south-eastern Bulgaria in late 2004 but the state failed to fulfil its obligations for the power grid in Sunny Beach due to a conflict with the private shareholders in the resort.