Czech CEZ launches international arbitration against Albania.

By bne IntelliNews February 8, 2013
Czech power group CEZ officially informed on February 7 the Albanian government about its intention to initiate international arbitration, the company said in a statement. The Czehc company expects to receive compensation for the damages incurred after the Albanian authorities revoked its energy distribution licence. Albanias Energy Regulator Entitys (ERE) said CEZs local unit has failed to meet contractual obligations by not importing sufficient electricity and by not investing in the power grid. CEZ purchased 76% of CEZ Distribution, formerly known as OSSH, for EUR 102mn in March 2009. As EREs head, Sokol Ramadani, told local TV Albanian Screen in an interview earlier this month, the government has already contracted a French company which will advocate it in the court process against CEZ. Albania hopes to finalise the arbitration process within six months.
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