The government should discuss the national CO2 emissions allocation plan today. There are three possible scenarios for CEZ: 36.81m tons, 36.8m tons and 37.2m tons per year during 2005-2007. CEZ’s emissions last year reached 35.1 m tons. For this year we expect emissions to stay relatively stable despite the lower total electricity production due to NPP Temelin’s shutdowns, and lower at 34m tons in 2006 and 2007. Assuming CEZ sells the residual on the CO2 market at a price of EUR 24 per ton, its net gain would be between CZK 6.5/share and CZK 7.6/share.