Bloomberg: Czech billionaire Křetínský makes money from his bet against Europe’s green plans

In an article published today, Bloomberg maps out the fossil fuel business of Czech billionaire Daniel Křetínský and his Energy and Industrial Holding (EPH). It describes Křetínský as an “elusive billionaire” who built his empire on the assumption that Europe’s green transition would be a chaotic and lengthy process, meaning coal and gas would remain in use for a long time to come.

“He built a fossil fuel-focused empire, valued at more than $17 billion (roughly CZK 365 billion), by buying dirty assets at low prices from energy companies seeking to decarbonize,” Bloomberg writes.

It notes that, unlike publicly traded energy companies, Křetínský’s privately held business is not under pressure from investors and shareholders to cut emissions and is free to make money from burning fossil fuels. “So far, this risky move is paying off, as the war in Ukraine pushes up energy prices,” it adds.

Bloomberg’s article recalls, for example, the 2016 purchase of German lignite assets from Swedish company Vattenfall. According to a source cited by Bloomberg, Křetínský was always available to the other party during negotiations over the deal, while also trying to stay in the background. “Over the past decade, Křetínský has used this discreet approach to build one of Europe’s largest portfolios of fossil fuel assets,” Bloomberg writes. It adds that EPH has become one of Europe’s biggest polluters, Germany’s second-largest coal producer and a major transporter of Russian gas to Europe.