March 1, 2012 / 2:56 PM / 6 years ago

CEE power trader Korlea makes Balkan deliveries

SARAJEVO, March 1 (Reuters) - Power trader Korlea Invest units in the Western Balkans continued to make wholesale electricity deliveries on Thursday, a day after Korlea’s Czech-based entity announced it would halt trading due to a bank funding cut.

On Wednesday, Korlea Invest said in a letter obtained by Reuters it would stop electricity deliveries to wholesale customers in a number of countries from March 1 because its bank cut the company’s funding.

A representative of Korlea’s Croatian unit said subsidiaries in four Western Balkans countries were registered as independent legal entities and could carry out trading activities without limitations.

“Korlea will continue its operations in Serbia, Bosnia-Herzegovina, Croatia and Macedonia,” Korlea Croatia told Reuters in an email.

“We operate as part of the holding company Korlea Invest but the halt in its electricity deliveries and bank funding has not stopped business activities in these countries.”

Korlea said it halted operations due to a cut in bank funding and added the decision would mainly affect Germany, the Czech Republic, Slovakia, Poland, Hungary, Slovenia and Romania. (Reporting By Maja Zuvela, Editing by Michael Kahn)

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