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EU calls for  increased EU energy market efficiency and competitiveness

EU calls for increased EU energy market efficiency and competitiveness

11.1.2007 9:03

European Union presented so called Kroes report , which calls for increased EU energy market competitiveness and efficiency including separation of transmission grid and production business for European energy companies by (i) “Ownership unbundling” of generation business and transmission grid or (ii) maintaining current ownership, while companies would get regulated return but not being responsible for the transmission unit’s operation, maintenance or development. The report also assumes investments into EU-cross border capacities, support for nuclear energy and continuation of the CO2 regime after the 2nd terms; i.e. beyond 2012. Therefore, new capacities should be built under the assumption of CO2 credits costs.

Our view:
This report isn’t primarily targeted on CEZ structure as in comparison to e.g. E.ON separation of transmission and generation business, which is preferred choice of Competition Commissioner Neelie Kroes, is already in place in Czech Republic. The second solution could be viewed positively from CEZ’s point of view as transmission network operator will invest more into cross-border capacities across Europe, which shall speed up the European electricity price convergence to the German level. In addition, support for nuclear energy indirectly supports the extension of CEZ's NPP Temelin while continuation of CO2 credits regime should support CEZ's-above-the-sector-average margins as (i) electricity prices shall remain relatively high driven by rising demand and falling capacities and (ii) low cost base given the lignite coal and nuclear capacities mix.


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