Vladimír Urbánek (Kurzy.cz)
Czech markets  |  May 30, 2011 09:32:07

CEZ: Germany leaves the nuclear program by 2022

Germany finally leaves the nuclear program until 2022, decided by the German Government. Eight nuclear power plants, which were a disaster in Japan shut down, its operation would no longer be restored. The fact that the country will stop nuclear program until 2022, it was speculated for a long time and it was announced several times. In our view, the market has already priced off final oldest nuclear power plants that are turned off by Fukušimi (8 of total 17). The reports assess positively, however due to the fact that they were generally not expected to substantially affect the price of the shares of CEZ.

The report is in our opinion, a positive outlook for prices of energy and CEZ of which should benefit in the medium term. German Environment Minister had originally wanted to close all nuclear power plants already in 2017. For today we expect a slightly positive market reaction.

R. Kramule, P.Bártek

Although the German government there were divergent views on the future of nuclear energy, agreement on the final shutdown surprised us was the most likely option and should not in itself surprising nor markets.What causes a negative reaction, however, the shares of E.ON and RWE is the fact that compared to the original speculation the government also did not offset the tax on nuclear fuel, which was introduced from this year in connection with the originally planned lifetime extension of nuclear sources in Germany. At E.ON we estimate the value of tax in the current form of approximately 0.8 euros / share. In terms of CEZ shares, we see a slightly positive effect of maintaining the tax on nuclear fuel, even if on the other hand, this tax can be an inspiration for the Czech government. Decisions are taken on the final shutdown in Germany already in the valuation of shares CEZ should be largely excluded.

Marek Hatlapatka

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