According to CEZ BoD chairman P. Voboril, the company has CZK 20bn in free financial resources for its foreign acquisitions over the next three years, the Financial Times reported yesterday. Recall that CEZ is interested in Bulgarian electricity distributors and Slovenske elektrarne (SE), the dominant power producer in Slovakia (distributors in Poland might become an acquisition target in the medium term as well). While the Slovak government reportedly estimates SE to be worth at least USD 300m (it intends to sell a 66% stake), CEZ CFO D. Svojitka said recently that CEZ sees the value of the offered stake "closer to the red than to the black" (recall that SE is highly levered - a possible, but still undecided, state bail-out would, of course, increase the valuation of the equity).
Separately, the Cabinet may discuss the framework of the new state energy policy today. The policy proposal, as submitted by the Ministry of Industry, is rather general in nature. Importantly, there are no indications so far of how (if at all) the state would use its majority stake in CEZ to reach the goals set by the policy.
Jitka Oppitzová