The ministries of industry and finance failed to agree by the year-end on what wholesale electricity prices (between power producers and the regional distributors) will be effective in 2001. The wholesale prices will then be decided by the newly established regulator “in the first days of January”. The key issue is a payment for “system services”, the cost of which is currently borne by CEZ but not by the independent power producers. While the change in the new prices may not be as favorable for CEZ as in the original proposal by the ministry of industry, we still expect an improvement for CEZ. The continued delay in setting the prices has not damaged the stock so far, but it is not helping either.