News
Homepage » News
CEZ Group Confirmed Its 2011 Net Profit Expectations at CZK 40.6 billion
The CEZ Group has today announced its financial results for the first three quarters of 2011 and its expected all-year figures. As expected, CEZ’ Operating Profit Before Tax declined by 6.9% year on year to CZK 62.4 billion. This is due to lower effective prices of electricity resulting from the economic crisis, which reduced the forward contract prices in 2008 – 2010 when the CEZ Group sold its power to be generated in 2011. Another negative factor was a lower hedging CZK/EUR exchange rate due to the ongoing appreciation of the crown toward the euro but also a lower amount of power generated by hydro power stations due to deteriorated hydrological conditions. These negative factors were countered by measures aimed to optimize the use of production sources and a greater gross margin as well as the generation of power from renewable sources, primarily in foreign countries.
2011.10.31CEZ Invited Qualified Candidates to Submit Bids to Complete the Temelín Nuclear Power Plant
CEZ has today handed over an Invitation to Submit Bid with the relevant Tender Documentation to the three candidates that have qualified for the tender for the public contract of “Completion of the Temelin Nuclear Power Plant”.
2011.10.20New Vice-Charman of the Board
At today’s session the Board of Directors of CEZ elected Mr. Martin Novak as its Vice- Chairman.
2011.10.20CEZ’ New CEO Changes Organization Structure, Slimming Down Top Management Team. Two New Members of the Board of Directors Elected
The Supervisory Board of CEZ has today elected two new members of CEZ’ Board of Directors and discussed a proposal of Mr. Daniel Benes, the new Chairman of the Board of Directors and Chief Executive Officer of CEZ, for corporate organization structure changes that should take effect from January 1, 2012. This is the first step to slim down and render more efficient the company’s line management at the top level and to prepare the CEZ Group for the consolidation of its subsidiary firms’ activities too. Additional restructuring measures aimed to reduce the number of divisions and top managerial posts is planned for mid next year, when the current 11 divisions should be restructured to form just 8 or possibly 9. At today's session of the Supervisory Board, Mr. Martin Riman announced his resignation as member of the Supervisory Board and member of the Audit Committee with effect from December 20, 2011.
2011.09.15Daniel Beneš Has Become CEZ’ Chairman of the Board and CEO
The Board of Directors of CEZ has elected Daniel Benes, former Vice-Chairman of the Board and Executive Director of CEZ, as its Chairman. He has replaced Martin Roman who resigned yesterday. Daniel Benes has thus also become CEZ’ Chief Executive Officer. CEZ’ Supervisory Board has today also co-opted Martin Roman as its new member and elected him Chairman of the Supervisory Board.
2011.08.15ČEZ Group Raised This Year’s Profit Estimates by CZK 500 Million
The Net Profit of CZK 23.9 billion recorded by the ČEZ Group for the first six months of this year have already exceeded the profit generated by its much bigger rival, the German-based group of E.On (EUR 948 million, equivalent to some CZK 22.8 billion). Although the energy sector is still affected by the global crisis aftermath connected with low electricity prices, ČEZ has raised its expected 2011 profit level to CZK 40.6 billion.
2011.07.28CEZ to Acquire Energotrans and to Sell Its Stake in MIBRAG
The CEZ Group is going to acquire Energotrans, a company supplying heat from Melnik to Prague, and to sell its 50% equity stake in MIBRAG, a mining corporation, to the other shareholder, holding contractual right, Energeticky a prumyslovy holding. This transaction has been approved by all competent CEZ Group’s bodies.
2011.07.15European Commission Cleared CEZ of Accusations of Price Manipulation and Alleged Cartel Practices. Only the bilateral dispute with Czech Coal for coal supply remains to be resolved
According to the European Commission’s announcement of today, CEZ has been fully cleared of several serious accusations. Clear evidence has been discovered that CEZ has not and could not have manipulated with electricity prices, has not engaged in a cartel with anyone, nor has it been involved in limiting the trade with brown coal, which contrasts with accusations of the same malpractice recently raised against Czech Coal by numerous customers of the company.
2011.06.23IAEA-led Operational Safety Team Reviews Dukovany Nuclear Power Plant, Czech Republic
Dukovany, 23 June 2011 – An international team of nuclear installation safety experts, led by the International Atomic Energy Agency (IAEA), has commended the Dukovany Nuclear Power Plant (NPP) in the Czech Republic for its safety practices and has also made a series of recommendations to reinforce them.
2011.06.06IAEA leads operational safety mission to Dukovany nuclear power plant, Czech Republic
Dukovany, Czech Republic 6 June 2011 —The International Atomic Energy Agency (IAEA), at the request of the Government of the Czech Republic, has assembled an international team of experts to conduct an Operational Safety Review (OSART) of the Dukovany Nuclear Power Plant (NPP) in Dukovany, Czech Republic.
Menu: