ECONOMY

Upgrading Albania’s power grid

MILAN (Reuters) – Italian regional utility AEM Milano said yesterday it had signed a memorandum of understanding with Albania’s state-owned power group KESH aimed at developing Albania’s power network. This marks the first time AEM has signed an agreement with a company in the Balkan region, an area in which AEM is looking with interest due to its proximity to Italy and its clean, renewable energy sources. «Albania is a country rich in hydro sources but with great problems when it comes to infrastructure for production and distribution,» KESH Chief Executive Andi Beli said in a statement. Under the agreement, AEM will help KESH to develop its power stations and enhance the value of other assets. AEM did not disclose any of the financial details of the agreement.