CEZ: SME, the biggest domestic electricity distributor, announced last evening that it has accepted CEZ’s 2003 offer for electricity supplies. This should result in approx. a 100% y-o-y increase of CEZ supplies to the distributor; we estimate that 2003 SME supplies will therefore rise to more than 6 TWh (13% of expected 2003 CEZ sales volume). This was unexpected, since SME had been attempting to use alternative suppliers as much as possible; it could provide a stimulus for CEZ stock today.
Jiri Soustruznik