Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling Back
ČEZ is the largest utility and biggest public company in Central and Eastern Europe. Its majority shareholder is the Czech government, owning 70% of shares. Its historical political activities have come under scrutiny.
Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackAn arbitration tribunal of the International Chamber of Commerce (ICC) has fully upheld the claim of CEZ, which demanded in an international arbitration that the Russian gas company Gazprom compensate it for damages exceeding CZK 1 billion. The damages were caused by Gazprom's significant reduction of gas supplies during 2022, which CEZ had ordered from Gazprom before the Russian invasion of Ukraine, and CEZ had to cover this shortfall with gas purchased at the then high prices. According to the ICC arbitration award, Gazprom must pay CEZ not only the aforementioned damages, but also default interest and reimbursement of the costs of the proceedings. If Gazprom fails to do so voluntarily, CEZ will proceed to enforce the arbitral award, i.e. it will enforce its claims by execution.
Czech state-controlled energy company CEZ has signed a contract with US nuclear power technology company Westinghouse and French Framatome for the supply of fuel assemblies for the Temelin Nuclear Power Plant.The contract is part of a shift by nuclear power station operators away from reliance on Russian nuclear fuel supplies.