TIRANA, Albania (AP) — Albania's energy ministry has described a €200 million ($270 million) compensation claim by Czech state-run power utility CEZ as unfounded, after the company lost its license to distribute electricity in the small Balkan nation.
The ministry on Friday accused the company of bad management and defended the country's decision to cancel CEZ's license. CEZ is seeking international arbitration against the Albanian state power regulator, ERE, after the government resumed control of the national grid last month.
The dispute between Albania's government and CEZ over unpaid bills and investment pledges led to water supply cuts and daily rolling blackouts. CEZ bought 76 percent of the grid operator for €102 million ($138 million) in 2009.