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ČEZ Has Initiated a Process to Claim the World Bank’s Guarantee
Due to repeated unforeseeable and now even illegal steps taken by Albania, which have negatively affected the operations of ČEZ Shperndarje as the local power distribution company, the ČEZ Group has taken the first steps to claim the World Bank’s guarantee.
16. 11. 2012ČEZ Shperndarje Began to Disconnect Indebted Waterworks in Albania From Its Power
ČEZ Shperndarje has resorted to disconnecting power supply to all Albanian state-owned waterworks that have failed to settle their debts in the long run. The total sum of receivables from such companies has reached EUR 38 million. ČEZ decided to disconnect the water companies after a series of unsuccessful negotiations with the Albanian counter-party concerning the high debt settlement.
15. 11. 2012ČEZ Commenced Round Two of Selling Its Dětmarovice Power Plant
ČEZ has invited bidders to participate in Round 2 of the selection procedure to sell its Dětmarovice black-coal power plant. The deadline for submitting offers is November 22.
9. 11. 2012ČEZ Continues Negotiations on the Sale of Its Dětmarovice Power Plant With Three Bidders
ČEZ has received bids from four bidders in its tender for the Sale of the Dětmarovice Power Plant. After examining the formal details of each of the bids, ČEZ has had to exclude a bid submitted by Česká energie from the tender. The bid failed to meet the tender requirements which, among other things, required the bidders to have a certain size and creditworthiness. The bid concerned did not guarantee a successful completion of the sale, which is required to fulfill the settlement with the European Commission should ČEZ decide to consummate the settlement agreement specifically by divesting its Dětmarovice Power Plant. The tender thus continues with three bidders: BXR, Energetický a průmyslový holding, and Gascontrol.
8. 11. 2012CEZ Group’s Net Profit Up by 27% for the First Three Quarters of 2012, Reaching CZK 33.4 Billion
CEZ Group’s Total Sales grew by nearly CZK 12 billion year on year (up by 8%), reaching CZK 162.5 billion. Operating Profit Before Depreciation (EBITDA) rose by CZK 2.3 billion year on year (up by 4%), reaching CZK 64.7 billion. The Net Profit increased by CZK 7 billion year on year (up by 27%) to CZK 33.4 billion. The main cause of the profit growth was a greater volume of power generated in nuclear power plants, growing volume of energy generated by the Romanian wind parks, and extraordinary financial expenses in 2011. On the other hand, there was a negative impact of the developments in Albania, where our agreement on the gradual standardization of regulatory conditions was not honored by the Albanian regulatory authority and the Government.
24. 10. 2012ČEZ Group Maintains Positive Balance Abroad, Observes Fluctuating Results in Albania Only
Due to the excellent performance of its foreign acquisitions, ČEZ has already recouped 71% of its investment. Despite the impacts of the financing crisis in the countries where ČEZ has established presence, ČEZ has been successful at fulfilling its target financial indicators and implementing key changes in line with its plans. Albania poses the only exception; due to its unstable business environment, it is the only country that has not reached the planned return on investment.
11. 10. 2012ČEZ Operates the Largest Wind Farm in Europe
Today at 8:35 a.m., ČEZ connected the 216th wind turbine to the grid, thanks to which the Fantanele-Cogealac Wind Farm in Romania, with an installed capacity of 540 MW, surpassed its rival in Scotland, and has thus become the largest onshore wind farm in Europe.
8. 10. 2012Market Test Results Confirm the Settlement Agreement between ČEZ and the European Commission
Comments made by third parties under the market test have shown no need to materially change the commitments proposed by ČEZ to the European Commission in June this year. Under the Settlement Agreement, ČEZ undertakes to sell one of five specific power plants with an installed capacity of at least 800 MW. The European Commission can be expected to make its final and legally binding decision in the matter in late November.
5. 10. 2012Areva Failed to Comply with Public Contract Requirements Defined for Building Temelín NPP Units 3 and 4; ČEZ Had to Disqualify This Bidder
ČEZ has today informed Areva that they have in their bid failed to meet statutory requirements for building two new units of the Temelín Nuclear Power Plant. Moreover, Areva has not fulfilled some other crucial criteria defined in the tender. Since the award procedure has been conducted in accordance with the Public Procurement Act, Areva’s bid had to be excluded from further evaluation.
2. 10. 2012ČEZ Shperndarje to Make Personnel Changes
The ČEZ Group decided to respond positively to the Albanian Government by staffing its positions in the Supervisory Board and the Board of Directors of ČEZ Shperndarje with independent experts from SCHINDLERS, a UK-based company with long-term experience in strategic negotiations. ČEZ expects this move to calm down the currently rather tense style of communication and to be instrumental in taking all the steps necessary to resolve the situation in Albania.
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