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Economy / Czech Republic

Czech Republic

January 2013 | Risk Summary

Albania's move to revoke Czech company CEZ's electricity generation license in the country is likely to harm bilateral ties between the Czech Republic and Albania. The Albanian authorities claim that the Czech power company owes the government over US$1bn in damages owing to a failure to import sufficient electricity for the Balkan country and not investing in the electricity grid. CEZ denies all allegations. Czech Prime Minister Petr Necas has criticised the move and called it a 'negative signal' for the Albanian business environment. CEZ, which is majority owned by the Czech government has tried to extricate itself from the loss-making market for a number of months. We anticipate frosty relations between the governments of the Czech Republic and Albania to persist over this matter, likely even beyond its resolution.

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