Wednesday, January 23, 2013

"CEZ could lose 200 million EUR in Albania"


CEZ could lose 200 million EUR in Albania
“CEZ could lose 200 million EUR by failed investment in Albania”, says a recent article regarding the energy sector in Albania, published by the prestigious “Bloomberg”.

The economic newspaper quotes the spokesperson for the Czech Company in Prague, saying that it might lose 102 million EUR for the purchase, plus 90 million of investments in the network.

“We are taking the necessary steps for international arbitration and on this phase we cannot say what or if we will profit anything by leaving Albania. One of the steps we will follow will be the 60 million EUR guarantee established by the World Bank on the moment when we decided to invest in Albania”, says the Spokesperson of CEZ, Barbora Pulpanova.

Bloomberg underlines that the Energy Regulation Entity revoked the company’s licence after several months of conflict regarding energy payments. Bloomberg says that many state institutions don’t pay their electricity bills and that the Czech Company was obliged to buy energy from the Albanian Power Corporation with a steep price, but they were stopped from increasing the price for consumers.

The situation in Albania has affected the shares of the Czech Company on the stock market, which fell with 5.8% only this year.

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