Mediafax (Mediafax)
Czech markets  |  October 31, 2012 11:55:06

CEZ Group is doing abroad, losing only in Albania


PRAGUE (MEDIAFAX) - In most countries where CEZ Group operates, manages to hold her planned return or even be above it. The exception is Albania, where CEZ has big problems with the local business community and is considering retirement, said on Wednesday Chief Distribution Officer Thomas Pleskač and abroad.

"Our foreign companies contribute significantly to the good results of CEZ Group. In dividends we paid 8.8 billion and a further 1.3 planning to implement by the end of the year," said the director Pleskač. Good results of acquisitions the company ČEZ has returned 71 percent on investment.

Among the most important events of this year include CEZ management by running additional hydropower plants in Turkey, where he continues construction of combined cycle power plants. Turkey is thus one of the countries where the group manages to work over the planned return.

Is similar in CEZ as in Romania, where the band completes the construction of the largest wind park in mainland Europe, the full 600 MW should be connected to the local network by the end of this year. Even in Romania, CEZ reconstructs hydropower.

The projected return on the company manages to keep even Bulgaria, where launching and operation of photovoltaic power Orešec. The positive role played there also a change of local fares. Likewise, the group planned to return to Poland or Hungary.

Countries where, according to well ČEZ fails to deliver on its plans and does not reach the planned return is Albania, which company representatives added to the country's unstable business climate and very poor access of local authorities.

Albanian regulator there for example in relation to the drought, which significantly affects the local energy sector, as the country is dependent on hydropower, decided at the beginning of the year to increase the tariffs for 2012 for the purchase of electricity from the state's monopoly producer of 91 percent in an attempt to bring the effects of drought just to ČEZ as a foreign investor. According to the management, CEZ Albanian party pay back their debts and the local subsidiary and subsequently is unable to pay its own debt.

CEZ in September decided to stop all funding of its local subsidiaries and seeks compromise with local authorities. The situation is tense and the game is a variant of the full group from leaving the country.

"At yesterday's meeting with Albanian Prime Minister Sali Berisha, we agreed to start negotiations on how to resolve the situation, including the possibility of leaving," said Pleskač. Another option is to sell to a third party acquisitions of local or "unfriendly departure," which would result in arbitration.

Investing abroad account for about a fifth of the total investment group CEZ.

Miroslav Kyncl, kyncl@mediafax.cz

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Skupině ČEZ se v zahraničí daří, ztrácí jen v Albánii

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