Czech utility ČEZ's third-quarter 2015 results

Today, 10 November 2015, ČEZ Group held a press conference on its financial results for the third quarter. Despite significant negative factors, ČEZ reported net profit of CZK 18.6bn and earnings before interest, taxes, depreciation and amortisation (EBITDA) of CZK 48.4bn. For full-year 2015, ČEZ Group expects profit of CZK 27bn and EBITDA of CZK 64bn.

Compared with the original plan to achieve EBITDA of CZK 70bn, only CZK 64bn is now expected for 2015. The reduction in EBITDA was mainly caused by several factors:

• Longer outages of units at the Dukovany nuclear power plant, where problems emerged with documentation relating to the quality of welds
• Extension of outages at the Temelín nuclear power plant
• Delay in completing construction of the new supercritical coal-fired unit in Ledvice
• Decline in realised prices of generated electricity

In particular in view of the above facts, the full-year estimate for electricity generation volume has been reduced by 5.7 TWh.