Czech CEZ Cuts Power to Albanian Waterworks over Unpaid Bills
Published November 16, 2012
Dow Jones Newswires
Earlier in the month CEZ, operating across eastern and central Europe, said it would likely exit Albania having this year already piled up $189 million in operating losses from unpaid power bills in the Balkan nation.
"We face no other option now than cutting off water works from our electricity supplies," CEZ said.
The company made no further comment about exiting Albania altogether but said it "could no longer tolerate such behavior" by its clients there.
CEZ Shperndarje operates power distribution networks in Albania and said it was ready to renew its supplies to Albania's water treatment utilities only when they pay up their power debts.
CEZ, active in Albania since 2009, has been negotiating with the Balkan country's government over the terms for settling unpaid bills.