HN daily brought article about development concerning CO2 credits. The price of CO2 credits rose contrary to expectations after the European Commission released official information on national CO2 credit balance, which was overall in surplus but smaller than expected. Moreover the trading activity has calmed since then, which could also drive price up. CEZ sees national surpluses as a consequence of initiated ecology investments. CEZ for example made 17 large and 16 small repairs of its generation assets last year. Furthermore started to prefer generation in black coal power plant Detmarovice contrary to brown coal plants which are however cheaper, but more polluting. As we already informed previously CEZ is almost fully hedged against CO2 credit price volatility in 2006. We reiterate our Buy recommendation.