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ČEZ on a path to leave Bulgaria

May 19, 2017

Czech based utility ČEZ Group opened talks with potential buyers of its Bulgarian assets. These include distributor ČEZ Distribution Bulgaria AD, supplier ČEZ Electro Bulgaria, trader ČEZ Trade Bulgaria and thermal power plant Varna. As reported by SEE News, in July 2016, ČEZ filed for international arbitration against Bulgaria accusing the country of failing to observe investment protection provisions of the Energy Charter Treaty. Bulgaria already lost an arbitration against Russian Atomstroyexportom worth €550 million over nuclear power plant project Belene. ČEZ is currently the largest electricity supplier in Bulgaria with over 3 million consumers.

 

Source: SEE News

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