A subsidiary of the US company Horizon Energy Development (HED) has acquired a 75 per cent stake in the Czech wholesale power and district heating company PSZT.

The Netherlands-based subsidiary already owns stakes in the heating companies Severo- ceske Teplarny and Teplarna Kromeriz. It plans to invest $110 million in the sector.

PSZT sells power and heat generated in plants in Komorany in northern Bohemia. The heat is sold to domestic and industrial consumers in a number of cities, while the electricity is sold to the wholesale regional distributor Severoceska Energetika.

The company sold 984 GWh of electricity and 6.6 million GJ of heat energy in 1997.