The reduction in profits was influenced by the EU’s climate policy and also by the recommendation of the Coal Commission of the Czech Republic to stop burning coal by 2038 at the latest. The company stated this on its website on Tuesday. After adjusting for extraordinary effects, the profit reached 16.9 billion crowns, and thus fell by ten percent year on year.
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The current dramatic rise in market electricity prices to historic highs will be reflected in ČEZ’s financial results in the years to come. “For this year, all available capacity of nuclear and coal resources has already been sold, and for next year more than 80 percent as well,” said CEZ CEO Daniel Beneš.
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Total electricity production fell by eight percent. Revenues from the sale of electricity, heat, gas and coal increased by about 3.5 billion to 104.4 billion crowns.
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