The Albanian Power Corporation (KESH) will ask Slovakian courts to execute a guarantee against LE Trading AS, a Slovakian energy company, in order to collect payment for an energy purchase.
“KESH has asked [Albanian] state lawyers to begin procedures to enforce a guarantee for the fulfillment of obligations (full payment of purchased energy) arising from a contract for the sale and purchase of electricity with the buyer (debtor) company Network for Trading doo,” a KESH representative told Monitor.
KESH is demanding payment for an undisclosed amount of energy purchased by Network for Trading, a Serbian energy company. According to the same representative, LE Trading underwrote the agreement.
It appears that Network for Trading has failed to pay the full amount due, triggering the guarantor’s obligations.
The case has been passed along to state lawyers who are now responsible for assigning a legal representative to the case.
Albania produces electricity almost exclusively through hydropower, but only during the spring and summer months. As the energy cannot be stored, the surplus is sold to neighboring countries.
