According to Bloomberg, CEZ plans to invest BGN 31.0m (CZK 453m) into four projects that will be completed by the end of this year. CEZ plans to build new electricity transmission substations in Sofia and Razlog and to upgrade another substation in Sofia. Our view: We see the news as neutral since the four projects are part of the CEZ investment program and are included in the previous CEZ’s CAPEX guidance of CZK 30.4bn for 2007.