ČEZ reaches 100-million-euro settlement with Albania

The Czech power utility ČEZ is to receive 100 million euros under a settlement with Albania, a spokeswoman for the state-run firm said on Tuesday. The deal ends a row with Albanian authorities over a power-distributing firm, a subsidiary of ČEZ, which was last year stripped of its licence. ČEZ launched arbitration proceedings against Albania, and the Czech government threatened to block granting of EU candidate status to Albania if the dispute was not resolved. ČEZ is to receive the money, which roughly corresponds to the firm’s initial investment in the country, in annual instalments spread over the next four years.

Author: Jan Richter