CEZ Bulgaria Denies Regulatory Breaches

CEZ supplies power to over 2 million households and companies in western Bulgaria, including the capital Sofia. File photo

Czech-owned power utility CEZ has always strictly adhered to Bulgarian legislation and the normative acts of the European Union, the company says in a press release.

According to its press office, for the electric power distributor, part of CEZ Bulgaria Group, obeying the law, including tax law, was a guiding principle that should not even be commented on.

The statement comes on the heels of news that the prosecution in Bulgaria has requested the revocation of the company's license over massive regulatory breaches, revealed by Chief Prosecutor Sotir Tsatsarov.

"Since we started business in Bulgaria, we have paid BGN 429 M in taxes to the Bulgarian State, have invested BGN 1.7 B in Bulgaria, and are providing jobs to over 3 500 people. We believe the results of the probe will prove our adherence to the Bulgarian law," the press release reads.

CEZ Bulgaria further stress the company was fully cooperating with the Prosecutor's Office, the National Revenue Agency, NRA, and all other authorities.