ECONOMY

ESM now appears to be less attractive

Foreign companies’ interest in the Electricity Corporation (ESM) of the Former Yugoslav Republic of Macedonia is decreasing, as its staff of 3,440 employees is considered too many for the corporation’s size, the local press reported. When Skopje announced earlier this year that ESM would be sold as a package (production and distribution), several major European companies, including Greece’s Public Power Corporation, expressed their interest. However, under the pressure of public opinion, the government later revised its initial decision and ended up putting only the distribution arm on sale, while production will for now remain in the state’s hands. This decision, experts suggest, reduces the suitors’ interest in the tender to take place soon, as the distribution domain only offers small profits while requiring heavy investment in maintaining the network.