According to CTK, CEZ plans to increase its investments into its distribution network in Northern Moravia (Severomoravska energetika) by 40% y/y toCZK1.6bn (cCZK3 per share). The investment plan should be in line with CEZ’s strategy of integration of its distribution companies and restructuring under the project Vision 2008. We do not see the news and a price moving and reiterate our Hold recommendation on the stock.