CEZ plans to prolong a lifetime of coal-fired power plant Detmarovice via four-year long restoration and modernization program of the four blocks, which ensure also higher efficiency, lower emission and other ecological improvements. The lifetime of two blocks is expected until 2020, while two other will be modernized once more in 2016-2017, ensuring their operation until 2030. CEZ’s investments to TPP Detmarovice should reach CZK 600m this year and are in line with our expectations and previous CEZ’s announcements to invest some CZK 150bn into coal-plant modernization in next 15 years. Thus we reiterate our Hold recommendation with CZK 864 fair price.