PRAGUE – The Czech state-run power utility CEZ says it has settled its multimillion-euro power dispute with Albania.
CEZ started international arbitration against Albania last year seeking compensation for lost investment after it lost its license to operate Albania’s national grid following a dispute with the government that led to water-supply cuts and daily rolling blackouts.
As part of the deal signed in Vienna, CEZ will get a total of 100 million euros ($136 million) in annual instalments by 2018 and the arbitration case will be stopped.
The Czech company previously estimated its losses at almost 200 million euros but chief executive Daniel Benes called the deal “a success.” It still needs approval from Albania’s government and parliament.
CEZ’s shares were up 0.29 per cent Tuesday morning at 621.20 koruna ($30.8).