ČEZ sell power plant in settlement with EC


Energy giant ČEZ has reached a settlement with the European Commission, which is investigating the company on suspicion of stifling competition. A ČEZ spokesman announced Tuesday that the company has agreed to sell one of five coal power plants. The EC began investigating the power company in July 2011 over suspicions that it was restricting competition on the wholesale electricity market and hoarding capacity in the transmission network so as to prevent a rival company from entering the market. If Brussels found ČEZ guilty, the Czech company may have received a fine in the order of tens of billions of crowns or could have been forced to sell a part of its assets.