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11.10.2011 18:10CEZ Says Temelin Expansion Is Priority
The company will invest its revenue from renewables abroad in the construction of new energy units at its domestic nuclear plant
- Temelin NPP
© CEZ
CEZ AS (CEZ), the Czech Republic’s largest utility, will focus on building two new reactors at the Temelin nuclear plant, upgrading domestic power stations and building wind farms in Poland, Romania and Germany, Bloomberg reported.
Extending the 2,000-megawatt Temelin site will be the company’s “absolute priority” this decade, Chief Executive Officer Daniel Benes said today at a press conference in Prague.
CEZ’s focus shifted from foreign acquisitions to the domestic market last year. The utility will now be “consolidating its operations in Bulgaria, Albania, Romania and other eastern European markets while investing only into renewable resources like wind farms and hydropower stations abroad,” Benes said.
CEZ expects to have 3,000 megawatts installed in renewable resources outside of the Czech Republic by 2016, Benes said. “Profit from foreign renewable energy sources will serve to finance the construction of new reactors at Temelin,” he said.
The foreign unit’s earnings before interest, tax, depreciation and amortization will exceed 10 billion koruna ($549 million) this year, division director Tomas Pleskac said at the conference. The company expects a similar result next year.
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