ERE fines CEZ with 4.3 million USD

According to the decision, CEZ is fined with 1% of the annual revenues of the past year, or 430 million ALL, for failing to import energy in order to cover the losses.

Las week CEZ addressed a letter to ERE saying that they were unable to import, due to the difficult financial situation. According to CEZ, this situation is related with a series of events, such as a high and unjust fine from the tax office.

The last ERE fine, the second in a few weeks, warns that the finances are in a difficult situation. But this is not the only financial problem for the company that has the monopoly of energy distribution. In the last meeting, ERE did not allow the company to take a loan from the EBRD.

The loan was signed last year and it foresees a loan of 100 million EUR from CEZ. Half of the money was given by the mother company in Prague, while for the rest CEZ asked the ERE to allow their assets in the Albanian energy system as pledge. This was rejected by the ERE.

Official sources from ERE said for Top Channel that they cannot allow the existing assets of the Albanian energy system to be used as pledge, since it would be dangerous. According to these sources, the ERE would accept to review the request only if CEZ would use as pledge the new investments that would be financed with these funds.

CEZ reacts against fine

Right after ERE announced the fine against CEZ, the Czech Company declared that their representatives were in a meeting that discussed the fine.

According to CEZ, they were notified only yesterday by ERE and the decision is being reviewed by the company. As regards the rejection of the loan with EBRD, CEZ says that there is no official notification from ERE about this and for this reason they cannot comment it.

Top Channel