Bulgaria: General prosecutor wants to revoke CEZ's licence

Bulgaria's general prosecutor Sotir Cacarov said in a TV interview that he asked to revoke CEZ's distribution licence due to serious malpractice in billing electricity. CEZ said it hasn't received official notification from prosecutors and that it is totally convinced...
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E-mail article Print Save Additional News in English Još vesti na Srpskom Επιπλέον ειδήσεις στα Ελληνικά Text

Bulgaria: General prosecutor wants to revoke CEZ's licence



Erste - 18.03.2013

Bulgaria's general prosecutor Sotir Cacarov said in a TV interview that he asked to revoke CEZ's distribution licence due to serious malpractice in billing electricity. CEZ said it hasn't received official notification from prosecutors and that it is totally convinced that CEZ follows all Bulgarian, EU rules (idnes.cz, Bloomberg).

Our opinion: The news follows public protests against high electricity bills from January. We do not know, what powers has the public prosecutor in terms of possible licence revocation. Energy regulator already announced that the fully regulated end-user tariffs will be lowered by 7.2% at CEZ and started a license revocation procedure on the grounds of 21 alleged violations. The regulator will inspect whether CEZ has fixed the transgressions before its hearing on April 16. Bulgarian distribution assets have CZK 8.7bn (CZK 16/share) value in CEZ's books and accounted for 1.8% (CZK 1.5bn) of CEZ's EBITDA in 2012.

Source: bne

Misi Vallo
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