CEZ continues to reveal step by step its plans regarding CAPEX increases for this year. In Eastern Bohemia, it will invest more than CZK 1.28bn (cCZK 2 per share), up by 22% y/y. Investments are in line with its restructuring project, Vision 2008, and will be aimed at its distribution network. Overall, CEZ plans to increase CAPEX in its Czech distribution network to CZK 6bn (cCZK 10 per share) in 2006. We see both news as neutral for today’s trading in CEZ and reiterate our Hold recommendation.