Due to falling profits ‘CEZ’ retrieves from abroad projects

Net profit for the Czech Electricity giant ÈEZ is significantly decreased in the first half of 2010, due to price cuts of electricity. Therefore, CEZ plans to withdraw from overseas investments, focusing only on domestic power plants, Prague media reported today. Back in July CEZ announced its withdrawal from the project of building power plants in

Net profit for the Czech Electricity giant ÈEZ is significantly decreased in the first half of 2010, due to price cuts of electricity. Therefore, CEZ plans to withdraw from overseas investments, focusing only on domestic power plants, Prague media reported today.

Back in July CEZ announced its withdrawal from the project of building power plants
in Galati, Romania, as well as the withdrawal of the gas power plant project in
Varna, Bulgaria.

Now ÈEZ refrains from the major tenders for purchasing of the energy
companies PAK and Energa in Poland, and not, as previously planned, submit a
bid for the purchase of power plants in Germany, according to today’s
 Lidové newspaper.

Given that earnings cannot be
increased due to the big rise in prices of electricity for Czech consumers,
 CEZ oriented itself to district heating, where
heating can use the energy that arises during the production of electricity,
and two Czech nuclear power plant, the older plant Dukovani and the newer plant
Temelin which
ÈEZ plans to expand.

Net profit for CEZ in the first half of this year, because of
cheaper electricity, decreased by 20 percent compared to same period of the
2009
 and reached 1.148 billion Euros.



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