After news about CAPEX increases in Northern Moravia, CEZ plans CAPEX increases also in Northern Bohemia. Investments into reconstruction and development of distribution network should reach CZK 1.23bn (cCZK 2 per share), up by 32% y/y. The investment plan is in line with the restructuralization project Vision 2008. We see this news as neutral for today’s trading and reiterate our Hold recommendation.