CEZ’s production from renewable sources has increased by 19% y/y to 1.45 TWh last year. Most of the production came from hydroelectric power plants, which increased by 25% y/y to total 1.33 TWh, while power produced from biomass dropped by 23% y/y, mainly due to lack of burning material. Contribution of energy made from renewable sources on CEZ’s production is about 2%. CEZ is analyzing projects concerning the use of small water power plants and wind power plants and intends to invest and extend production from renewable sources in the coming years. We consider the news as neutral for today’s trading. We reiterate our Buy recommendation on CEZ.