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Czech power group CEZ ups profit, sales on higher output
PRAGUE, May 14, 2019 (BSS/AFP) – Czech state-run power group CEZ said
Tuesday it had raised both profits and sales in the first quarter on higher
power prices and increased output in its two nuclear plants.
Net profits rose by 14 percent against a year ago to 8.3 billion koruna
(322 million euros, $362 million) and sales jumped by 12 percent to 51.8
billion koruna, CEZ said in a statement.
CEZ, which has plants in Bulgaria, Germany, Poland, Romania, Slovakia and
Turkey, as well as planning for a wind park in France, is Europe’s ninth
largest power utility by customer numbers.
“After years of declines in prices of electricity, our results reflect a
growth of power prices on wholesale markets and we managed to raise output by
1.1 terawatt-hours annually,” said chief executive and chairman Daniel Benes.
The company raised output in the Dukovany and Temelin nuclear plants in
the southern Czech Republic by seven percent against a year ago to 7.6
terawatt-hours in the first quarter.
Its coal-fired power plants produced 7.4 terawatt-hours of power in the
period, roughly the same amount as a year ago.
“We expect to produce 68.8 terawatt-hours in the full year, of which 31.2
terawatt-hours will come from nuclear plants,” said deputy board chairman
Martin Novak.
Controlled by the state with a 70.2-percent stake, CEZ has shares listed
on stock exchanges in Prague, Warsaw and Frankfurt.
BSS/AFP/RY/1528 hrs