NPP Dukovany increased its output by 100 GWh last year compared to 2004 due to shortened maintenance times and increased efficiency by 3.5% following replacement of turbine parts. CEZ is also working on modernization of the NPP to extend its lifetime by another 30-40 years as opposed to the originally planned closure in 2025. CEZ is also working on efficiency improvement at NPP Temelin and its lifespan extension. We do not expect the news the have substantial positive impact as CEZ has already mentioned efficiency increases at its NPPs several times. Nevertheless, it should have a positive impact on CEZ’s financials going forward. We reiterate our Buy recommendation.