Albania regulator revokes Czech CEZ's distribution license

TIRANA: An Albanian regulator voted on Monday to revoke the distribution license of Czech utility CEZ's loss-making unit and held the company liable for failing to import electricity and not investing in the Balkan country's power grid.

The regulatory board's 5-0 vote to revoke the license is the latest twist in a long-running battle between central Europe's biggest utility and Albania over power imports and prices.

In November, CEZ trimmed its 2012 profit outlook because of the losses at the Albanian unit and said an exit from the Balkan state was the most likely solution to its problems.