Jaroslav Mil, the CEO of CEZ, was quoted yesterday by the Czech Press Agency as saying that CEZ will achieve record exports this year, at 19 TWh (vs. 16 TWh in 2002), reflecting the past European hot summer and previous cold winter. The figure is approx. 5% stronger than expected.
Exports should form approx. one-third of nominal sales this year, and are accompanied by rising domestic sales boosted by greater market share.
We are currently reviewing our investment recommendation for CEZ stock.