CEZ said that the cold weather in February and March has increased electricity consumption more than expected but did not provide further details regarding the impact on CEZ’s financials. According to CEZ, electricity consumption is now closely correlated with GDP growth, but the weather may erase or double this growth. Source: Bloomberg
Separately, CEZ announced that thanks to the cold weather it sold 1MWh of electricity at EUR 300 in Germany on March 3, which was the historical high. Last year’s average March price was EUR 36.47 / MWh. The current high electricity prices are positive for CEZ, although most electricity sales are made under long-term contracts. Source: CEZ