Albanian’s regulator began the process of revoking the distribution license of CEZ Shpendarje, which local media said could mean the end of CEZ’s activities there. Also, CEZ cut off electricity to Albanian water-treatment plants on Friday, leaving 500,000 people without water. A court ordered CEZ on Saturday to reinstate the power. CEZ said it is owed EUR 170m by Albanian state institutions, including EUR 38m by waterworks. /Neutral, We calculate that CEZ may write down 2-3bln CZK (roughly 5% of 2012 pft) if decides to shut down operations in Albania.