Energy Regulator Opens Procedure To Revoke CEZ Licence, Rules out Electricity Price Cut in March

Energy Regulator Opens Procedure To Revoke CEZ Licence, Rules out Electricity Price Cut in March

The energy regulator started a procedure for revoking the electricity transmission and distribution licence of the local unit of Czech power utility CEZ on the grounds of 21 violations which it has established.

By law, CEZ is given time to end malpractices and only then the energy regulator will be able to say whether it should revoke the company's licence or not, the state-run Bulgarian National Radio (BNR) reported on Wednesday.

The bulk of the violations established at CEZ Razpredelenie Bulgaria are related to circumventing the public procurement act, BNR quoted Andon Rokov, member of the State Energy and Water Regulatory Commission, as saying at a news conference.

A public hearing of CEZ before SEWRC is scheduled for April 16.

The regulator ruled out the option for an electricity price reduction as early as next month, as pledged by prime minister Boiko Borisov on Tuesday. Revision in prices could be made in the regulatory period, which is July 1, according to in the state regulator.

On Tuesday, the prime minister said that the government had proposed to the energy regulator a series of measures which would lead to an 8.0% drop in electricity prices as of March 1. These include reducing the energy distribution companies' regulator-approved costs and increasing the share of cheap electricity generated by the country's nuclear power plant in the energy mix on the basis of which end-consumers' bills are prepared.

CEZ Razpredelenie Bulgaria and CEZ Electro Bulgaria operate in western Bulgaria, including the capital Sofia.

 

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