Vladimír Urbánek (Kurzy.cz)
Czech markets  |  November 21, 2012 08:48:49

CEZ Albania started the process a warranty claim World Bank


Due to the unpredictable and recurring now and unlawful actions by Albania, which have a negative impact on the distribution company CEZ Shperndarje, CEZ Group today took the first steps to guarantee application of the World Bank.                                     

"Against Albania we have now raised a claim for damages, which is covered by the warranty of the World Bank," says Tomas Pleskac, director of distribution and abroad. This was the start 60tidenní period in which the parties may agree. If not, you can claim under warranty. "Now there was a clear violation of the rights of distribution companies. The situation is very excessive, "explains Pleskač.World Bank guarantee, the company ČEZ negotiated prior to the Albanian market as a means of protecting investments in unconsolidated business environment. It reaches up to 60 million euros.

Today also the Albanian Energy Regulatory Authority officially realized ČEZ Shperndarje that started proceedings for withdrawal of its license. Opening the procedure could ultimately lead to termination ČEZ Shperndarje. In this case, the CEZ Group try to protect investment through international arbitration.  

At Friday, 16.11 the company ČEZ Shperndarje after a series of failed negotiations with the Albanian side has decided to stop the supply of electricity to all Albanian nationals waterworks that have long pay for electricity. Disconnecting it started to defend the Albanian police, which even six employees of ČEZ Shperndarje arrested on a complaint of abuse of power waterworks. Such conduct is in fundamental conflict with the Albanian legislation, the distributor under the provisions of the regulator has the full right to interrupt the power supply to those who do not pay electricity bills.

In Saturday, 17.11 However, CEZ was Shperndarje unprecedented court decision forced again to start the waterworks and other state institutions to connect. This was trying to avoid further penalties, though unauthorized, and thus deepening financial losses. And this order shall ČEZ Shperndarje appeal.

 

Barbora Půlpánová, ČEZ spokesman

 

 

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