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.
Mining company NWR, whose most lucrative market is the supply of coking coal to major Central European steelmakers, delivered first quarter sales and production figures and second quarter coking coal price agreement details which came in ahead of expectations.
Two ambitious Czech power firms are lined up to fight over ageing coal-fired power plants state-controlled that electricity giant ČEZ has signaled it is willing to offload. The two plants were already on offer to miner Czech Coal as part ČEZ’s move to assure long-term coal supplies. EPH now says it is also willing to bid — amid speculation it wants to deprive Czech Coal of a foothold in the power production sector.
Czech Minister of Industry and Trade Martin Kuba (ODS) has done little to shed light on how the government might give a helping hand for state-controlled energy giant ČEZ to fund construction of two new nuclear reactors at Temelín. No state guarantees for loans or guaranteed prices for nuclear-produced power are currently on offer and no decision curbing the state's dividend haul from the company has been taken either, he admitted.
A British model for supporting the construction of new nuclear plants based on guaranteed minimum prices for power produced appears to have support within state-controlled electricity company ČEZ and the Czech government’s Temelín power plant expansion supervisor. The UK outlined its package in July 2011 and expects the system to be up and running by 2014, which would suggest fast Czech action if Temelín is to get similar support.
A deal between the Environment Ministry and Ministry of Finance has banished the prospect of Czech energy companies paying billions of crowns to buy emissions allowances from 2013. State-controlled power company ČEZ is the biggest winner from the agreement.
Prague-listed Czech petrochemical group Unipetrol announced its fourth quarter 2010 results on Feb. 10 and showed a higher than expected net loss of Kč 68 million. Market expectations had been for a net loss between Kč 30 million–40 million.
Orco Property Group is officially relaunching its flagship Złota 44 luxury tower project in Warsaw. Hampered by a long legal process over the rescinding of the project’s building permit due to neighbors’ complaints, the Daniel Libeskind-designed tower is again poised to become a part of Warsaw’s changing skyline. Yet questions remain regarding the project’s financial viability.