Jan Mladek, the PM's economic advisor said on Friday that the Cabinet should not privatize the state's majority stake in CEZ until 2010. However, after CEZ's restructuring, the Cabinet may sell its 16% stake either through capital markets or by tender. Mladek gave no further specific timetable but nevertheless added that selling the issue is under discussion and no decision has yet been made. Mladek has spoken in favour of selling the state's 16% in CEZ several times before. On the other hand the Industry Ministry together with the Ministry of Finance do not expect full privatization of CEZ nor the sale of the state's 16% stake in the company until 2006.
Source: Bloomberg
Following last week's Cabinet decision to grant companies a limit of 107.7m tons of carbon dioxide emissions per year (for 2005-2007), CEZ said that it expects to receive enough credit to allow uninterrupted operations without a need for buying additional limits. CEZ's emissions last year stood at 35.6m tons compared with 37m tons of carbon dioxide in 2000 (i.e. before putting NPP Temelin into operation). The final amount of carbon dioxide credit allocation has yet to be approved by the European Commission.
Source: Bloomberg
Tomáš Gatěk, Patria Finance