Germany’s economy and environment ministers have called on German companies to stop importing power from foreign power plants that do not meet German safety standards. Given that the German environment ministry has claimed in the past that CEZ’s new nuclear Temelin plant does not meet German standards, Temelin would very likely fall into this category of plants. Should German companies, which currently import 80% of CEZ’s exports, stop importing CEZ’s power, CEZ’s performance would be hit (CEZ exported CZK 4.1 bil. worth of power to Germany in the first nine months of 2000, which, we estimate, is approximately 10% of total revenues for the period). However, it is not clear whether the German importers of CEZ power will respect the ministries’ call. E.ON, for example, a major importer of CEZ power, has expressed interest in CEZ privatization, and any anti-CEZ move could be potentially seen as damaging to its chances of winning the privatization tender. Moreover, the two ministries’ call does not seem to cover imports from what they regard as “safe” plants. It therefore seems that CEZ will be able to continue exporting power to Germany as long as the power does not come from Temelin. This is why the German ministries’ initiative need not have a major impact on CEZ’s business in the end. It is nonetheless possible that the market will get nervous until the position of CEZ’s German importers and the exact position of the German ministries becomes clearer.