CEZ continues to reveal its plans about CAPEX increases for this year. In Western Bohemia, it will invest more than CZK 870m (cCZK 1.5 per share), up by 38% y/y. Investments are in line with restructuralization project Vision 2008 and will be aimed on distribution network. Overall CEZ plans to increase its CAPEX in Czech distribution network to CZK 6bn (cCZK 10 per share) in 2006. This news is in line with expectations and thus neutral for today’s trading. We reiterate our Hold recommendation.