Czech power demand fell by 0.4% yoy in 9M12 while generation dropped by 13.5%. Electricity prices in the country have been declining since March 11. CEZ says that the fundamentals are unlikely to worsen, though neither does it anticipate an improvement. The company expects prices to remain unchanged in the near term / Neutral, CEZ achieved an average hedged price close to 51,5 EUR/MWh for 94% of 2013 output compared to 52.5 EUR/MWh for 2012 power output/.