CEZ Energy Giant Dismisses Bulgaria Withdrawal Speculation

CEZ Bulgaria regional manager Jan Vavera confirms that the company has no intention of withdrawing from the country, despite the current economic situation. Photo by BGNES

Prague's senior manager of energy supplier CEZ has categorically denied speculative reports that the company is considering withdrawing from Bulgaria.

"CEZ does not intend to leave Bulgaria," Vladimir Schmalz said flatly, in a statement backed up by spokesperson Eva Novakova, who added that: "Speculation that CEZ is leaving Bulgaria, is not worth discussing".

CEZ is among the largest European energy companies, and one of the biggest investors in Bulgaria.

"Our goal is to improve customer services every day, to provide new and better services with higher quality, and to expand our investments in the interest of our more than 2 million customers," Schmalz, who is in charge of foreign acquisitions and a member of the CEZ board, stated.

During its five years in Bulgaria, CEZ has invested EUR 368 M, of which EUR 94 M was in 2009, in its energy distribution network. In 2010, the company proposes to double its annual investment.

CEZ employs 4 300 staff, supplying electricity to all 10 areas of western Bulgaria.

Jan Vavera, Bulgaria's recently appointed regional manager, admitted that the current climate was difficult in business terms, but emphasized that CEZ would continue to develop and invest in Bulgaria.

"For investors in the energy sector, the situation at present is difficult. It has already become clear that some consider their possibilities to withdraw from Bulgaria."

"CEZ has no such intention, and will continue to work for business development in Bulgaria and to invest in the country. We hope that the proposed Bulgarian government plans to accelerate the process of energy market liberalization will contribute to improving the business climate in the sector," stated Vavera.

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