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Czech CEZ Deplores E Romania Investment Holdups

Czech utilities group CEZ, which is currently developing wind farms for EUR1.1 billion in eastern Romania, said the investment is stopped because of disagreements between local authorities in Constanta county, according to a press release issued Tuesday.
Czech CEZ Deplores E Romania Investment Holdups
Andrei Cîrchelan
31 aug. 2010, 14:20, English

According to the document, the investment at Fantanele and Cogealac is blocked by the Constanta Construction Inspectorate because of a divergence with the authority that issued the permit for the second stage of the project, namely the Constanta County Council.

The revenues of Czech utilities group CEZ rose in the first half of the year, mainly backed by sales posted in Romania.

CEZ expects revenues in Romania to rise 6%-7% this year, from 1.5 billion lei (EUR1=RON4.2597) to RON1.6 billion, while EBITDA is seen up to RON390 million from RON252 million, group representatives said in July.

The CEZ group holds in Romania the companies CEZ Distributie, CEZ Vanzare and CEZ Servicii.