Research (Česká spořitelna)
Czech markets  |  March 27, 2013 10:40:59

ČEZ significantly reduce the capacity development of renewable

ČEZ according to its CFO Novak plans to expand its portfolio of renewable electricity from 600 MW to 1.25 GW, which will reduce its dependence on fluctuations in the prices of electricity. Expansion is planned mainly in the area of wind power in Poland (Bloomberg). Separately today brought HN analysispotential impact of changes in support for renewables in Romania. This is a potential reduction of the maximum price of green certificates from 55 to 30 Euros and assigning a certificate instead of two to one MWh of energy produced from wind. Proposals for change should be officially released at the beginning of April and implemented from July first, rather the beginning of 2014.CEZ Romania's own 600 MW wind farm.

Notification CFO Novak is a significant reduction planned expansion, when ČEZ previously counted with 2.0 GW of renewable capacity by 2015 and 3.0 GW long term. This limitation is a consequence of limiting expansion aid greenenergy across Europe. Prices for green certificates in Poland in 4Q 12/1Q13 collapsed due-delayed approval of new legislation in Romania is planned to reduce the maximum certificate prices from 55 Euros to 30 Euros etc (the report on the Romanian proposal we brought earlier today and the market would not be surprised). We previously anticipated expansion of renewable capacity CEZ to 1.8 GW. Slower expansion and lower subsidies in Romania, CEZ will reduce our valuation by about CZK 20 per share.

Petr Bartek

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