According to CTK, 1st block of NPP Temelin was re-launched on Sunday after 2 month long disconnection. The disconnection from the grid was caused by regular refuelling. NPP Temelin should start to supply electricity to the grid by the end of this week. 2nd block will be disconnected in two week time as it needs refuelling as well.
Our view:
As these disconnections are regular thus we see this news as neutral. It doesn’t affect in unforeseen way CEZ’s margins as it has to replace the capacity by other available sources. Note that nuclear production is the cheapest and represent about 15% of total production in Czech Republic.