ČEZ is looking to offlad its Bulagarian-based assets pressured by frequent regulatory changes, small profit margins and lowered investment interest. ČEZ entered the Bulgarian energy market in 2004 and had a tumultuous relationship with both the regulator of the energy sector KEVR and the national utility company NEK ever since. In July 2016, ČEZ filed a lawsuit against Bulgaria to an arbitration court for noncompliance with investment protection Energy Framework Treaty. At present, ČEZ Bulgaria owns the largest power distribution company in Bulgaria, providing electricity to more than 3 million customers and with reported revenues of approximately 1.4 billion leva (700 M€). In adddition to its distribution business, ČEZ owns several hydro power plants and a thermal unit (1260 MW TPP Varna - which was closed in 2015 after failing to meet EU environmental regulations). As reported by Novinitie, companies from France, Turkey and Romania have already expressed interest in a possible agreement.