Energy policy should be prepared in second half of the year, privatization of CEZ in 2004

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Investiční bankovnictví KB

      Industrial Minister Jiri Rusnok revealed several details of the planned government energy policy. A proposal of this policy should be prepared in the second half of this year. Privatization of CEZ can be started only after the government approves this policy, in 2004 at earliest. Government considers two ways of privatization of CEZ. A sale to strategic investor or gradual reduction of government’s stakes on capital market. Minister Rusnok also did not ruled out construction of new nuclear power station with output of 1,800MW in 20-years horizon. It should replace Dukovany power station with life-span until 2025.

       Government energy policy will influence future plans of CEZ. The future investment program (construction of new generating capacities, their location and used fuel) will depend on this document. Moreover, the energy policy will partially determine a list of suitable strategic investors for CEZ. On the contrary, CEZ postponed decision on new power stations until it is privatized to comply with interests of new owner. Overall, the news is neutral for CEZ until the policy is approved and privatization completed.

      

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