CEZ, the Czech energy enterprise, entered the Albanian market with its purchase of a 76% share of Albania’s electricity generation and transmission services and is the biggest foreign investor in Albania to date. Martin Roman, CEZ’s CEO and Chairman of the Board, explains, “For CEZ, Albania – where electricity consumption is growing by 5% per year – is another step in the consolidation of our position in South-Eastern Europe.”
Working in close cooperation with the Albanian government, CEZ has invested over €100 million in expanding Albania’s low voltage grid and an additional €40 million in reducing losses, in line with its ambitious goal of reducing losses by 15% within five years. This target is impressive since Albania’s electricity transmission grid is in poor condition and consumers commonly use electricity without paying for it.
Josef Hejsek, CEO of CEZ Albania, says, “We need around €1 billion to achieve our goals, which we expect to do within the next three years.” CEZ aims to upgrade transmission lines, improve metre reading and customer service, and educate the Albanian people about the need to pay for electricity.
Long term commitment to Albania
CEZ has made a long term commitment to Albania. Josef Hejsek says, “There is a great potential for foreign investment in hydropower production here, and this is an avenue our company would be open to pursuing after we have stabilised the transmission and distribution sectors.”
CEZ offers the advantage of its in depth local experience and close ties to the Albanian government. Josef Hejsek explains, “There are some reforms in legislation that we would like to see, but we have a very productive relationship with Prime Minister Berisha and other leaders. We invite more foreign capital into Albania, and are open to potential partnership opportunities in due course.”
EGT Tower, 2nd floor
“Abdyl Frashëri” street, Tirana
Tel: +355 4 242 1480
www.cez.cz
