J. Rusnok, the minister of industry in the new Cabinet, said a long-term state energy policy is his priority, with CEZ privatization second. The policy plan could be reportedly completed in nine months, and it is based on CEZ taking possession of regional power distributors. Mr. Rusnok also said that he can imagine CEZ operating long period under the state ownership.
This comes in line with recent statements by the new finance minister, B. Sobotka.
Although a significant privatization delay now seems likely, CEZ’s purchase of the distributors (which looks increasingly likely) has a much greater positive weighting for the stock. Also, continued state ownership could result in more CEZ-friendly regulatory framework in the future, though, on the other hand, the Social Democrat Cabinet could use CEZ as a social-policy tool at the expense of its minority shareholders.
(Jiri Soustruznik)