ČEZ taking legal action against Albania

The Czech power utility ČEZ is launching international arbitration proceedings against Albania for failing to protect its investment in the country’s energy sector. The company is filing for damages to the tune of 5 billion crowns. ČEZ’s license to operate Albania’s national grid was revoked in January over a long-running dispute with the Albanian energy regulator over tariffs and unpaid bills. Company officials say that decisions made by the Albanian authorities are incompatible with European business standards as well as being in violation of Albanian law.