CEZ’s spokeman said that company has won tender for electricity supplies for Czech Railways in 2006. Contract is signed for 1.2TWh (CZK 1.331bn, VAT excluded) which about 2% of CEZ’s sale of electricity in CR in 2005. Contract is similar like the last year. This was expected as CEZ thanks to its market position can offer the lowest price. We believe the news is neutral for today’s trading and reiterate our Buy recommendation.