CEZ’s AGM, held yesterday, approved a gross dividend of CZK 4.5 per share; payment is due on August 1.
The Czech Press Agency today publishes an interview with CEZ CEO J. Mil., who confirms that after the Czech Republic joins the EU (i.e., May 2004), certain barriers (i.e., tariffs, quotas, opposition to nuclear power ) for electricity exports from the Czech Republic to Germany, Austria, and Poland will be eliminated.
This is expected, and, of course, would be positive for CEZ. But more important is that wholesale domestic electricity prices remain higher than those in the country’s most important foreign market, Germany (by a factor of 1.1-1.5, we estimate); therefore, the priority for CEZ remains to increase its domestic market share and sales (which is strongly supported by its recent acquisition of regional power distributors).
Jiří Soustružník