The Czech power utility ČEZ Group has released its 2023 results, in which the company’s total operating revenues reached CZK340.6bn (€13.5bn), a 18% increase year-on-year. However, EBITDA fell by 5% to reach CZK124.8bn (€4.9bn) in 2023, owing to non-recurring commodities trading revenues and the newly introduced levy on excess revenues from generation. The net income fell by 64% to CZK29.6bn (€1.2bn), due to impairment charges related to Severočeské doly (significant deterioration in market conditions for future coal mining) and to wind facilities in Germany, but still the company’s second highest net income in the past ten years.
At the end of 2023, ČEZ operated 11.9 GW of capacity (+1%), including 11.1 GW in Czechia. The group generated 51.5 TWh of power in 2023, a 5% decrease compared to 2022, including 30 TWh from nuclear (-2%), 15 TWh from coal and lignite (-12%), 2.4 TWh from hydropower (+12%) and 2 TWh from gas (-18%). Most of the production occured in Czechia (nearly 50 TWh, 5% less than in 2022, or 96% of 2023 power generation), with Poland accounting for 3% (1.6 TWh). ČEZ distributed 33.6 TWh in Czechia, a 4% decrease compared to 2022, and sold 24 TWh (+7%), including nearly 22 TWh in Czechia (+4%). The group also sold 11.2 TWh of gas (+38%) and 6.5 TWh of heat (-4%).
In addition, ČEZ has announced the acquisition of a 55.21% stake in GasNet, the main gas distribution infrastructure operator in Czechia, for €846.5m from Macquarie Asset Management. GasNet manages a 65,000 km long network of gas pipelines and holds an 80% market share in the distribution of natural gas in Czechia, distributing around 66 TWh/year of gas. The deal, which is subject to approvals by the European Commission and the Czech Ministry of Industry and Trade, is expected to close in the third quarter of 2024.