BHS (BH Securities a.s.)
Markets  |  February 20, 2013 15:28:07

CEZ - the output of the press conference concerning Bulgaria, the company will defend, arbitration is a last resort


CEZ Group is today at 14 pm at its headquarters held a press conference, the main topic was the situation in Bulgaria.

In this matter was expressed primarily Chief Distribution Officer Thomas Pleskač and abroad. In fact, the company reiterated that it firmly rejects any errors in Bulgaria. He said that the company has a lot of controls in Bulgaria and none of them showed no serious misconduct.Historically, the local 24 inspections were fined CEZ in 4 cases and a marginal error. The total amount of the fines amounted to only about 60 thousand. leva (BGN), ie the equivalent of about 780 thousand. CZK.

Regarding the GMC said that local law has four conditions under which the controller can remove license. Eg. threat of electricity supply, violation of license conditions or incorrect information when applying for a license. In none of them apparently according Pleskac CEZ did not. The withdrawal of the license is also required to initiate proceedings in the case. CEZ has not yet made ??no document received.Mentioned in today's press conference of the local regulatory authority, which stated that the procedure is commenced. The regulator has not been given any reason, the company had to be guilty. ČEZ also still no document instituting the proceedings received. The only thing the company told the office was at 20 comments / findings, relating to the December bills for consumers. On the response of the population to the amount of recognized amounts Pleskač said that the increase was primarily due to seasonal influences. In December compared with November, the average temperature of 8 degrees compared to eg 2-stage decline a year ago. Increased the consumption. The price of electricity, CEZ has not changed and could not, as it is regulated. Set is always 1.7. to 6.30 following year. The price increase last year was about 13% mainly due to an increase in payments to renewable resources.They compared the proportion of 3.7% in the previous period began forming over 10%. The share of the distributor in the price is 9.3%, power electricity 64%, respectively. tax 17%. As a disadvantage for local residents CEZ sees monthly invoicing as the consumption that can bring fluctuations in payments. Firm failed to enforce accounting method, which is common elsewhere, including the Czech Republic (monthly deposit, annual accounts).

On negotiations for a license by CEZ have reportedly after receiving opening 7 days for a response. Consequently, there is to be a public procedure, and then public. The local governor spoke about the date April 16. In the case of the regulator's decision to remove the licenses should ČEZ defended legally.Sole authority in the matter for which it is possible to appeal the local administrative court. If it failed even with him, he is prepared to legally defend EU institutions. Perm. Arbitration considered as a last resort. ČEZ mentioned that yet with the local regulator had good relations.

Can recall that CEZ Bulgaria for obtaining distribution companies paid 281.5 million euros, respectively. about 7 billion CZK. The further development then invested over CZK 8.6 billion.

J.Zendulka

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