Czech Republic

Oil Refineries

Czech defence group CSG's profits leap as Ukraine war stimulates need

Czechoslovak Group (CSG). more than doubled core earnings in 2023 and projection continued. strong need for its heavy military devices and largecaliber. ammunition as nations increase defence costs amidst war in. Ukraine and elsewhere. Considering that Russia's full-blown invasion of Ukraine in 2022, the. Czech defence and industrial producer has raised. large-caliber ammunition production several-fold. We are really facing high need, CSG Chief Financial. Workplace Zdenek Jurak said on Wednesday. Even if combating in Ukraine were to stop, CSG stated. re-stocking by NATO members, which have assisted arm Ukraine,. would drive development. CSG's profits before interest, tax and amortisation. (...

Natural Gas Utilities

EU anticipated to take legal action against Germany over gas tariff, sources state

The European Commission is anticipated to take legal action against Germany for charging its neighbours an extra cost for buying gas from its storage, viewed as flouting the EU's single market rules, two sources familiar with the matter said. The sources stated the match, referred to as an infringement treatment, could be launched as early as in the next few days. The German tariff is a legacy of the European energy crisis that peaked in 2022 after Moscow slashed gas flows to Europe and an undersea surge shut down the Nord Stream pipeline from Russia to Germany - the route...

Energy Markets

Green scepticism greater in EU than in neighbours, EBRD finds

Scepticism towards environment modification and the green transition is greater in lots of European Union members than in neighbouring nations, the European Bank for Reconstruction and (EBRD) has actually discovered. The EBRD's study for its 2023/2024 transition report shows sceptics and disengaged people were most typical among a number of eastern European EU member nations on which it focuses than in the likes of non-members Tunisia, Moldova and Azerbaijan. Our expectation was that there would be greater assistance for the green shift in the EU, but what we see is the opposite, Chief Economist Beata Javorcik informed in an interview...

Energy Markets

Czech gas 2023 intake most affordable in decades assisted by cost savings, weather

Czech gas intake fell last year to its lowest levels since 1992, decreasing more than 10% as customers cut back additional amidst a savings drive because Russia's invasion of Ukraine, the nation's Energy Regulatory Workplace (ERU) stated on Monday. The Czech Republic has diversified far from near total dependency on Russian gas given that Moscow's February 2022 intrusion of Ukraine, turning to gas from Norway and LNG, generally through a. terminal in the Netherlands. An ongoing savings push and warmer weather condition last year likewise. helped cut usage. Gas intake fell 10.4% in 2023 to 6.76 billion cubic. metres, with...

Oil & Gas

Deals of the day-Mergers and acquisitions

The following quotes, mergers, acquisitions and disposals were reported by 1930 GMT, on Thursday: ** Niagara Energy is releasing a quote to purchase up to the entirety of shares in Enel Generacion Peru, a South American power generation subsidiary of Italian utility Enel, the Lima stock market stated in a statement. ** U.S. fund Elliott Management and Japan's SoftBank Group are set to merge their Italian bad loan businesses in a cash-and-shares deal, SoftBank-backed doValue said, as the industry combines to weather tough times. ** SilverBow Resources shareholder Riposte Capital backed Kimmeridge Energy Management's most current buyout offer that valued...

Electric Utilities

CEZ yearly earnings halves on windfall tax and levies; sees further drop in 2024

Czech electrical energy manufacturer CEZ stated on Thursday its annual adjusted net profit more than cut in half in 2023, struck by windfall tax and other levies, including that it expected the incomes drag to continue in 2024. Its adjusted net revenue dropped 56% to 34.8 billion crowns ($ 1.51 billion) for the year ended Dec. 31, however remained in the business's anticipated variety of 33 billion-37 billion crowns. A. rise in electricity prices drove CEZ to a record profit of 78.4. billion crowns in 2022. Incomes before interest, tax, devaluation and amortisation. ( EBITDA) fell 5% to 124.8 billion...

Electric Utilities

CEZ to obtain 55.21% stake in GasNet

Czech utility CEZ said on Thursday it would get a 55.21% stake in gas supplier GasNet for 846.5 million euros ($ 926 million) from Macquarie Asset Management. GasNet manages a 65,000 km long network of gas pipelines and holds around an 80% market share in the distribution of natural gas in the Czech Republic, dispersing 66 terawatt hours (TWh). of gas each year. This acquisition of the country's largest gas distribution. system operator will even more reinforce our position within the. gas market, CEZ President Daniel Benes said. We are acquiring assets important for the shift of the. Czech heat...