ČEZ Group’s net earnings increased by 13.3 percent y-o-y during the first nine months of the year, totaling CZK 16.6bn for the period. The state-owned energy producer expects revenues will hit CZK 19bn by the end of 2017. Profits, however, dropped 6 percent to CZK 41.1bn between January and September, due to lower electricity production costs and a price increase for authorizing emissions.
A 25-percent jump in electricity production from hydro-power plants, solar panels and aerogenerators, thanks to increased production in Romania as well as newly acquired aerogenerators in Germany, pushed revenue growth up 1 percent y-o-y to CZK 146.7bn. ČEZ also increased its natural gas sales by 30 percent. Electricity consumption has gone up by 4.1 percent for major consumers and by 3.8 percent for households.
The sale of the hard-coal power plant Varna to the Bulgarian company SIGDA OOD, will not be included in this year’s financial reports as the transaction is not scheduled to close until 2018.
