News that Prague-listed utility ČEZ will sell one or two coal-burning power plants with a capacity of 800–1,000 MW in a bid to end a European Commission probe into suspected anti-competitive behavior (and in line with plans to divest from carbon-emitting power generation capacity) has been welcomed by the markets. State-controlled ČEZ — which denies any wrongdoing — had faced a fine of up to 10 percent of its 2008 global turnover of $5.2 billion.
Czech billionaire Pavel Tykač, the owner of leading lignite miner Czech Coal, said in an interview for the daily Mladá fronta Dnes published Thursday — his first in 15 years — that no other party, including rival Energetický a Průmyslový Holding (EPH), will outbid him for state-c0ntrolled utility ČEZ’s coal-fired Počerady and Chvaletice plants.
The markets have welcomed the Czech antimonopoly office’s (ÚOHS) approval of Prague-listed power utility ČEZ’s acquisition of the Energotrans heating plant from energy group EPH. Regulators had launched a detailed long-term probe into the deal, part of a larger asset agreement between ČEZ and EPH, on concerns that it could increase ČEZ’s grip of the electricity production market beyond an acceptable level.
Czech energy group Energetický a Průmyslový Holding (EPH) is considering using coal from its Mibrag mine in Germany keep its Elektrárny Opatovice power station running following the withdrawal of mining company Czech Coal from a supply contract, the daily E15 reported on Monday.
Energy group Energetický a Průmyslový Holding (EPH) has called the withdrawal of mining company Czech Coal from a contract to supply the former’s Elektrárny Opatovice power station with lignite “unjustified,” rejecting claims that it failed to make payments for supplies.
Co-owner of Czech investment group J&T, Patrik Tkáč, says that it will not be matching PPF’s cash injection into energy group Energetický a Průmyslový Holding (EPH) resulting in a dilution of J&T and group manager Daniel Křetínský’s stakes.
The Czech competition watchdog (ÚOHS) has bared its teeth and announced it is launching a prolonged investigation into ČEZ’s sale of its 50-percent stake in German coal company MIBRAG to Energetický a Průmyslový Holding (EPH) and acquisition of control of local heat and power company Energotrans from EPH. The former deal could well give ČEZ too much of a slice of local electricity production.
Lower electricity prices combined with a series of exceptional factors, including a windfall tax on free carbon emissions allowances and accounting adjustments, hit profits of state-controlled power company ČEZ. The Prague-listed company announced a net profit of Kč 26.4 billion for the first nine months of the year, a drop of 34 percent compared with the same period in 2010.
ČEZ chief Martin Roman is expected to officially announce his resignation on Thursday and be replaced by Daniel Beneš, the current ČEZ board of directors vice-chairman. According to Czech Position’s sources, he signaled the move months ago. Regardless, Czech PM Petr Nečas reportedly wants the new boss of ČEZ to fully concentrate on the planning of the expansion of the Temelín nuclear power plant.
The July deal by which Czech power major ČEZ took control of the municipal heating firm Energotrans from Energetický a průmyslový holding (EPH) — in part exchange for a 50-percent stake in the German coal miner Mibrag — was not nearly as advantageous as ČEZ claimed. According to Czech Position’s sources, ČEZ’s auditors refused to sign off on the deal.