Skip to Content

Czech power company CEZ reports eightfold profits increase

KIFI

PRAGUE (AP) — Czech power utility CEZ says its 2022 net profit reached 80.7 billion Czech crowns ($3.6 billion), eight times as much as the previous year, resulting in record dividends. The country’s main electricity producer said it attributed the massive increase to an “enormous rise in prices” caused by the Russian invasion of Ukraine, and to higher profit from commodity trading on foreign markets and also high operational reliability in its power plants. The Czech state, which has an almost 70% stake in the company, will receive in 2023 more than 100 billion crowns from CEZ in dividends, income taxes and levies on production sales, including a windfall tax on profits introduced as prices for energy soared.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content