Vladimír Urbánek (Kurzy.cz)
Czech markets  |  February 20, 2013 13:54:57, updated

CEZ: DKEVR decided to initiate the process of withdrawal of the license, the hearing will be the 16th April, the company does not agree with his actions


According to agency reports, the Bulgarian regulator DKEVR last night decided to start the process of CEZ Bulgaria revoke the license for the distribution of electricity. So far not materialized threats premiere Borisova, who has said that the company still přjde license during yesterday evening. According to a representative DKEVR Andon Rokova was only initiated the process of reviewing potential misconduct, with the license may be after due examination actually withdrawn. The first hearing of license holders on this issue is scheduled for 16 April this year.

According Rokova is the state response to the review prepared by the Bulgarian financial inspections that found errors and shortcomings in the work by CEZ Distribution and CEZ Electro.Pohybení while concerned with violating the law on public procurement, errors in the logs about installing meters, mandatory reporting delays and last but not least in breach of binding rules for the implementation of green energy in the case of CEZ Electro. According to unofficial reports, the distributor had machinovat with deductions for electricity customers and incorrectly documenting money for investment.
CEZ Bulgaria now has three days to ensure that the identified deficiencies and to withdraw transgressions.

According to press reports, CEZ company opposed to the initiation and considers it to be unfounded. PR Company states the following:

To remove the license distribution company CEZ Razpredelenie and sales company CEZ Elektro fact there is no reason. ČEZ insists that consistently perform all the duties imposed on him by the local laws and regulations.Therefore, the local regulator calls for impartial assessment without political interference. In the European Union are clear rules and Bulgaria is a Member State with all the rights and obligations.

The whole situation is unfortunately politicized reasons coming parliamentary elections, ČEZ on it is not to blame, and this for several reasons - higher bills for electricity caused by colder winters, higher consumption over Christmas and the extension of the reading period due to holidays. Electricity prices earlier this year did not increase, its change was the decision of the Bulgarian Energy Regulatory Office (DKEVR) 1 7th 2012, when it was increased by more than 13%, mainly due to the promotion of renewable sources. Rates households are fully regulated and incidentally also the lowest in the European Union.CEZ Bulgarian obtained from the total invoice less than 10%, the rest is electricity generators, transmission system and the tax office.

"Now we have received from the Bulgarian regulator approximately twenty comments, but do not confirm any major mistakes made by ČEZ, and therefore can not give rise to withdrawal of licenses," said Tomas Pleskac, director of distribution and abroad. Reasons must be very serious, among them security threats electricity supply, the systematic violation of the license conditions, non-compliance or regulatory guidelines provide false information when applying for a license. Before the suspension of the license must also be granted a period within which the company has the potential for deficiencies - the whole process, where it is transparent, it may take up to several months.

The purchase price of three Bulgarian distribution and sales company was about CZK 7 billion, more than 8.6 billion CZK CEZ has also invested in increasing the efficiency of the network. In their previous work in Bulgaria (since 2005) has significantly contributed to its modernization and reconstruction significantly reduced the loss or introduce integrated systems for remote reading and control consumption.

Bulgarian acquisition is still scheduled to return, total paid in dividends local company almost 5 billion CZK. ČEZ own abroad significant energy assets in seven countries, with all foreign acquisitions accounting for about one fifth of the total investment volume.




Bulgarian Prime Minister also announced today that, due to escalating unrest linked to high electricity bills, which burgeoned in clashes with police in which there were several injuries, will offer his resignation to the Func. Later, it was clarified that the entire government will do so.


According to the Energy Portal Bulgarians pay an average of one MWh of electricity per approx 2135 CZK , which is one of the lowest within the EU. Salaries in Bulgaria are also among the lowest. People mainly attack that reportedly accounts in the January entries for service and distribution exceeded by about 120 percent of the price of electricity consumed.

CEZ Bulgaria supplies electricity to about 2.1 million Bulgarian households, which corresponds to about 40% of installed capacity. For financial statements, EBITDA profit of Bulgarian operations account for about 1 billion CZK with improving trends. The profit of the group Elkova the Bulgarian activities account for 1.5%. Improving outcomes firm explains the increase in profit margins mainly due to volume growth in distributed electricity regulator and the decision of the higher tariffs. The volume of sales for 9M Oroku achieves this level of some 840 millionEUR .


According to analysts, J & T Bank are the Balkan problems in Albania and now in Bulgaria for equities firm annoying because they can reduce the overall investors' faith in the quality of management and its ability to manage the company's activities, which might manifest itself negatively in another investor access to this title.

According to analyst firm Brokerjet the price of shares in the event of withdrawal of the license could or rather should fall even further - see CEZ's share price falls below 600 CZK if the company ...

Shares of CEZ in response to vyhrocující the Balkan problems yesterday and today, dropping below 610 CZK . Moved below the title in October 2008, in mid-2006 and again in August 2005. Details of today's and historical development of shares of ČEZcan be found HERE .

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CEZ: Protests in Bulgaria is growing, investigation for selling stake in Mibrag ...
Bulgarians protest against electricity prices
ČEZ faces protests in Bulgaria
CEZ Group has started the process of international arbitration against Albania

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ČEZ: DKEVR rozhodl o zahájení procesu odebrání licence, slyšení bude 16. dubna, firma s jeho kroky nesouhlasí

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