On September 25, 2026, the Slovak competition authority (PMÚ) approved the concentration whereby Veolia Energia Slovensko, a.s. gains exclusive control over ENGIE Services a.s., Račianska teplárenská, a.s., and Prvá ružinovská spoločnosť s.r.o.

In its assessment, PMÚ analyzed various areas where the activities of Veolia and Engie overlap in Slovakia, particularly focusing on heat supply and competition for operating centralized heating systems (CZT).

The authority separately evaluated the impacts of the concentration in decentralized heat sources that supply specific residential buildings or industrial areas, which are not connected to the central CZT system. PMÚ found that competition in this area remains robust, with sufficient relevant competition even after the concentration.

For the CZT assessment, PMÚ noted that the operation of heating systems is tied to specific territories, and operators are typically selected through tenders. The competition is concentrated until the operator is chosen, who then gains exclusive rights to operate the CZT and supply heat in that area.

PMÚ concluded that all businesses active in this segment with the necessary technical, personnel, and financial capacities can participate in public tenders across Slovakia.

Despite Veolia operating CZT in more locations post-concentration, other companies like ESCO Slovensko, STEFE, and MH Teplárenský holding remain capable of entering future tenders.

Particularly in Bratislava, where Veolia and MH Teplárenský holding hold significant positions, PMÚ considered the gradual weakening of Engie's presence and recent tender results, which did not indicate that prior operators had a significant competitive advantage. The authority emphasized that transparent and neutral tender conditions would allow relevant participation from new entrants.

After evaluating the submitted materials, PMÚ concluded that the concentration would not significantly harm effective competition. The decision became final on September 28, 2026.