Bulgaria's energy regulator said it has cancelled the procedure to revoke the licences of two units of Czech power utility CEZ.
The breaches of the Energy Act, which justified the opening of the cancellation procedures against CEZ Razpredelenie Bulgaria [BUL:3CZ] and CEZ Electro Bulgaria [BUL:1CZ], do not have an impact on the security and continuity of energy supply, the State Energy and Water Regulatory Commission said in a statement issued after a sitting on Thursday.
According to the energy watchdog, a revocation of the licences would not have corresponded to the degree of severity of the ascertained breaches.
The procedure to revoke the licences of the two CEZ units in Bulgaria was launched on February 20 amid massive protests against high electricity bills. On March 29, CEZ lodged a complaint with the European Commission against Bulgaria, claiming the move breached national and EU energy law.