Research (Česká spořitelna)
Czech markets  |  February 04, 2013 10:05:31

Novák (CEZ): Low electricity prices will be reflected in the profits of the company. Will the price drop also CO2


In an interview with Bloomberg CEZ CFO said that the current low electricity prices in the stock market will have an impact on future profits of the company. CEZ has yet to sell about half of its production for the year 2014, while production for 2013 is pretty much sold. The collapse in prices of CO2 allowances reduces the profits of companies with a significant share of low-emission sources such as CEZ. Chief Financial Officer CEZ expects the stagnation in electricity prices than its potential for a significant increase (Bloomberg).

These comments are in line with the recent negative developments in electricity prices in the market and in line with the drop of the. We could not find this interview so no new information.We are going to CO2 due to low prices reduce our earnings estimates for 2014 ČEZ by 5-10%, while earnings estimates for 2013 may increase slightly depending on the speed of departure from Albania and CEZ on the outcome of negotiations with Czech Coal.

Petr Bartek, analyst

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