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News on CEZ - Bulgarian probe, reduced subsidies in Romania, competition with RWE

News on CEZ - Bulgarian probe, reduced subsidies in Romania, competition with RWE

3.4.2013 9:03
Autor: Tomáš Sýkora, Patria Finance

Bulgarian prosecutors to complete a probe of local distributors today. The prosecution can only propose to the energy regulator to discuss administrative penalties or license revocation based on established violations. Bulgaria’s energy regulator started procedures to revoke the license held by CEZ on Feb. 20 and the commission will rule on April 16. CEZ has repeatedly denied any wrongdoing; We expect some NEGATIVE style of the recommendation from the prosecutors which may have slightly negative impact on CEZ shares. / 

Romania plans to temporarily cut in half subsidies energy consumers pay for clean power by holding back one in every two green certificates (GCs) it currently awards to utilities for generating electricity from wind turbines. The frozen certificates, which electricity distributors are obliged to buy before passing on the cost to consumers, will be paid out from 2017, Energy Minister Constantin Nita said yesterday. The suspension of certificates is due to start in July 2013, he said. / Utilities now get two certificates per megawatt-hour of wind power in Romania and CEZ finished a 600 MW wind farm project in Fantanele and Cogealac in eastern Romania, the biggest onshore wind farm in Europe, last year to benefit from a (original) renewables incentive scheme in the country. As the minister announced Romania is considering cutting the number and value of certificates that it paid out, on Feb. 28, which has had some negative impact on CEZ shares, we consider now the plan as NEUTRAL and priced-in. Nevertheless, the delaying the GCs would have an impact in cash-flow of about 2.5 bln. CZK, or 3 % of EBITDA. However, it is still not clear yet if this plan would have an impact on earnings or only on cash-flow. / 

The biggest Czech gas supplier RWE (29,66 EUR, -0,01%) will cut the prices of gas by 10 % as of May, which could reduce gas bills of house owners, spokesman of company RWE Ceska republika, said yesterday. CEZ react during afternoon and said it will lower price of gas to households to remain below RWE prices. / CEZ sells gas to almost 400k Czech clients and it is the biggest alternative gas supplier. Gaining clients in gas business is balancing CEZ‘s losing of clients in electricity business. So called „alternative supplier“ benefit from the decreasing spot prices or better say spot prices below long-term contracts which allowed them to offer lower prices for customers; NEUTRAL

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