Reports Monday by the Czech daily Lidové noviny that Czech power giant ČEZ faced a widened European Commission probe into suspected anti-competitive practices was negative news for the company, according to Czech analysts. But the state-controlled company sought to remedy damage later saying the paper had put out a false report and no such step has been taken or is envisaged.
US Vice-President Joe Biden made blunt warnings about reliance on Russian energy and encouraged Czechs to sign up US company Westinghouse to build new nuclear reactors in the country when he visited Prague in late 2009, diplomatic dispatches leaked by WikiLeaks have revealed. Unfortunately, previous remarks from the Prague embassy undercut some of Biden's warnings.
ČEZ's hitherto head of asset management, Pavel Cyrani, will become the new head of its strategy division, created to help the state-controlled power giant steer its way through ever greater uncertainty in the European and global power sector. The new division will help back up the blue sky piloting previously performed by trading director Alan Svoboda.
Official sources confirm that preparations for a visit by Russian President Dmitry Medvedev are well underway in Prague. An early December date looks likely to coincide with the opening of an exhibition of Kremlin treasures. But the real treasure that Medvedev will be interested in is the contract (eyed by Atomstrojexport) to complete the Czech power plant Temelín run by ČEZ.
Mirek Topolánek, who stepped down as Czech prime minister in May 2009, may have finally landed a prominent job: The ex-Civic Democratic Party (ODS) leader looks set to head the Association for District Heating (ADH ČR). It’s a sexier post than it sounds. Among the group’s 87 members are the biggest names in the Czech energy sector — in which Topolánek has positioned himself as an expert and advisor.
Westinghouse Electric Company said Monday it has signed a Memorandum of Understanding with Czech company I & C Energo in preparation for the potential construction of Westinghouse AP1000 nuclear power plants in the Czech Republic. The agreement covers Instrumentation and Control Systems for proposed expansion of ČEZ-run Temelín nuclear power plant.
Following the publication of ČEZ’s results for Q2, 2011, by the Reuters news agency and later Bloomberg, the state-controlled power company published its provisional results later on Monday, after having announced the results would be published on Tuesday morning before the opening of the markets. The company posted a net profit of Kč 6.74 billion, down 39.5 percent on Kč 11.19 billion in Q2, 2011, and well short of the Kč 8.53 billion expected by the market.
Czech energy concern ČEZ will be replaced in the Warsaw Stock Exchange’s WIG20 blue-chip index by Polish mining company Jastrzębska Spółka Węglowa (JSW), the bourse's management board has announced. The change will be affective following the trading session on September 16.
The Prague Stock Exchange’s PX Index dropped 6 percent on Monday closing at 1027 points — its lowest level in two years on a day which saw record loses for several titles traded on the exchange. Trading volume reached Kč 3.2 billion compared to the average over the past year of Kč 1.3 billion.
Renewables specialist Energy For You (E4U) is launching on the Prague Stock Exchange (BCPP) and seeking to drum up enthusiasm for its vision of a future where solar-powered heating plants would keep Czech homes warm through the long winters. E4U wants to roll out the plants across the country; its project developer has launched talks with around a dozen councils that have taken a shine to solar heating.