According to Czech Statistical Office electricity import in May to Czech Republic increased by 140% y/y to CZK 650m, while export increased by 9.2% y/y to CZK 1,665m. Year-to-May electricity export increased by 25 % y/y and import by 142% y/y. Export increased mainly to Germany up by 55% y/y and import from Slovakia up by 335% y/y.
Our view:
After consultations with CEZ, these are financial figures only and do not completely reflect the volumes. However due to the price of CO2 credits, it is sometimes more profitable not to generate electricity but import the electricity not only for CEZ but also for other smaller producers and sell the CO2 credits. Therefore, CEZ doesn’t export if it is not more favourable than selling CO2 credits. Thus CEZ unblocks cross-border capacities for other producers, i.e. from Poland or Slovakia.