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Czech energy firm CEZ offers price freeze amid financial crisis

Czech energy firm CEZ offers price freeze amid financial crisis
Czech energy firm CEZ offers price freeze amid financial crisis

This Tuesday, Czech state-controlled energy company ČEZ, a. s. CEO Martin Roman declared that it would intend to freeze retail prices for electricity for the next year. This move is determined by anxiety that Czech families and small businesses can be seriously hurt by lofty energy costs, which can further worsen the current recession in economy.

Mr. Roman commented this act of good will this way: "If they [small business] went bankrupt ... we would make less in the end. This is the best plan from a long-term perspective." So we can see that the offered price freeze is not a charity, but rather a wise try to save profit although partially.
A little bit earlier ČEZ reported of about 10 percent rise of energy prices, which caused outburst of discontent in small business circles.

ČEZ managers offered small businesses to link prices for electricity with the present Prague Energy Exchange rate, which decreased visibly during the couple of last months. So in reality the prices will be even lower than they used to be in 2008. The energy costs for households are likely to be frozen in the same manner, but only in 2010.

Our reference: ČEZ, a. s. is a key part of CEZ Group and the biggest electricity maker in the Czech Republic. The company was founded by the National Property Fund in 1992. In December 2007 ČEZ created a strategic alliance with Hungary energy company MOL to strengthen positions of both parties on markets of Central and South-East Europe. According to Martin Roman, ČEZ chief executive officer, the company’s profits recently declined, but not very gravely, so the company’s estimated earnings this year will be about CZK 48.6 billion.

Date: 04/12/2008

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