CEZ is considering to participate in a tender opened by Macedonia for building two hydro power plants with an installed capacity of 333MW and 193.5MW respectively for a cost of EUR539m. The deadline to register an interest is set for September 11. In addition, CEZ said that it plans to open representative offices in Serbia and Kosovo in order to promote the company and look for potential investment and acquisition opportunities. The news just confirms CEZ’s interested to become a leader in the CEE&SEE region. We maintain our buy recommendation.