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CEZ (Czech Republic) posts 3% decline in its 2016 revenues

Czech power utility CEZ has released its 2016 results, posting a 3% decrease in revenues to CZK 204bn (€7.5bn) (-29% for net income), mainly due to low electricity price. However EBITDA increased by 3.8% and adjusted net income by 9%.



In 2016, CEZ's installed capacity declined by 2% to 15.6 GW but its power generation remained stable at 61 TWh. The 10% drop in nuclear power generation (to 24.1 TWh) was offset by a higher power generation from coal and lignite (+5% to 30.7 TWh), from gas (3-fold increase to 1.8 TWh) and from hydropower (+6% to 2.3 TWh). Renewable power generation slightly decreased (-10% for wind, -6% for solar PV but +11% for biomass). Power generation dipped by 3% in the Czech Republic to 55.1 TWh, by 6% in Romania to 1.2 TWh and remained stable in Poland at 2.9 TWh.



The group sold 37.5 TWh to end consumers (-1%), including 13.7 TWh to households (+4%) and 18.6 TWh to industrial customers (-3%). CEZ also sold 12.9 TWh on the wholesale market (+11%) and distributed 50.6 TWh to end customers (35 TWh in the Czech Republic, 6.4 TWh in Romania and 9.3 TWh in Bulgaria). Sales of natural gas increased by 20% year-on-year (CEZ Prodej became the second largest gas supplier in the Czech Republic), electricity sales decreased by 1%, and heat sales increased by 8%.