Czech Republic








Energy Markets

Fossil Fuels

Power Markets

Slovakia's PM Fico to discuss nuclear power plans in S Korea check out

Slovakia's Prime Minister Robert Fico stated on Friday he will talk about plans to develop a new nuclear power system during a see to South Korea as the government sounds out prospective bidders. Slovakia is wanting to construct a new nuclear power system of up to 1,200 megawatts (MW) at its Jaslovske Bohunice plant. The economy and finance ministries are because of send strategies to the federal government by the end of October. In July, Slovakia's. neighbour the Czech Republic picked South Korea's KHNP over. French group EDF to build brand-new nuclear power blocks. Fico said he hoped his check...

Fossil Fuels

Czech billionaire bets on lottos for development

A Czech billionaire who turned a local energy company into an international business empire after the fall of the Berlin Wall is now banking on selling lotto tickets in locations like Chicago and London to drive worldwide growth. Karel Komarek, the second-richest Czech behind the widow of Petr Kellner and ahead of deal maker Daniel Kretinsky, is pushing lottery operator Allwyn as a flagship for his KKCG financial investment group, telling : Development in lottery-led entertainment is definitely crucial to our broader group technique. Allwyn is currently Europe's greatest lotto operator, running nationwide plans in Italy, Austria, Greece and elsewhere....

Oil & Gas Refining

CORRECTED-Gazprom's legal fights with European business

Russian energy giant Gazprom faces various legal battles with European purchasers and transmitters of Russian gas, as an outcome of the political fallout following the Kremlin's decision to send its soldiers into Ukraine in 2022. Gazprom has actually launched procedures at Russia's St Petersburg and Leningrad Area Arbitration Court, threatening the European companies with fines if they continue lawsuits outside Russia. Nevertheless, some European business have actually stated that did not acknowledge the court's authority. Following are numerous essential legal cases: RUSSIAN COURT PROCEDURES * Gazprom in March 2024 lodged a claim of more than $900. million versus Polish companies...

Oil & Gas

British Organization - May 29

The following are the top stories on the business pages of British newspapers. has not verified these stories and does not vouch for their precision. The Times - Beatrice Offshore Windfarm Limited, a wind farm backed by SSE, the London-listed energy group, has actually agreed to pay 33.1 million pounds ($ 42.2 million) in redress after Ofgem found that it had charged excessive rates to decrease its output. - Ithaca Energy's veteran Executive Chairman Gilad Myerson stepped down on Tuesday, as the company announced a new line-up of executives to lead the company after the closing of its purchase of...

Fossil Fuels

Greek PM prompts EU to deal with high rates ahead of elections

Greek Prime Minister Kyriakos Mitsotakis has actually urged the European Union to lower prices as soon as possible, which he identified a crucial political challenge ahead of European parliamentary elections. Anger at falling living standards is shared by countless Europeans and is expected to damage assistance for mainstream parties in the June 6-9 elect the 720 lawmakers of the EU assembly. In a May 18 letter to European Commission President Ursula von der Leyen, the Greek conservative leader stated that inflation had actually highlighted issues in the performance of the markets which led to disparities in rates of essential items...

Fossil Fuels

Sev.en's Czech miner suspending CSA mine, to lay off employees

Severni Energeticka, part of the Sev.en energy group, will suspend mining at its CSA website and lay off 485 workers by July, the Czech brown coal miner stated on Thursday. The business is because of decide on terminating operations at the mining site in the coming months. It has actually said previously it expected CSA's closure in between 2024 and 2026. Mining will be ended in a controlled manner in the next few months, Severni Energeticka Chief Executive Petr Lenc stated. For now it is an suspension of mining. If a requirement appears for our coal in electricity or heat...

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

Nuclear Power

Financial Times - Oct 30

The following are the top stories in the Financial Times. Reuters has not validated these stories and does not guarantee their accuracy. Headlines - Rolls-Royce sells stake in small nuclear endeavor to Czech energy group - HSBC chief states east-west department will not lead to 'any. split' - Vivendi activist urges shareholders to oppose break-up. plan - S&P downgrades Thames Water debt even more into 'junk'. area Overview - Rolls-Royce has actually sold a 20% stake in its small. nuclear reactor business to Czech electrical energy manufacturer CEZ - HSBC CEO Georges Elhedery said that the plan to. divide its...

Electric Utilities

CEZ to take stake in Rolls-Royce SMR to roll out small nuclear plants

Czech electricity producer CEZ will take a minority stake in RollsRoyce SMR to take part in the little nuclear reactor technology's rollout in Britain, the Czech Republic and beyond, the companies stated on Tuesday. CEZ will take around 20% stake in Rolls-Royce SMR pending regulatory approvals, and plans to install up to 3 gigawatts of capacity in small nuclear plants made by the organization, the companies said in a statement. Little reactors are being developed by significant global nuclear energy suppliers with the aim of producing an easily replicable power plant technology that would be faster and simpler to release...

Power Markets

Czech watchdog begins examining appeals versus nuclear power tender

The Czech antimonopoly office UOHS stated on Tuesday it had started official procedures on appeals from Westinghouse and EDF against the option of South Korea's Korea Hydro & & Nuclear Power Business (KHNP) as chosen bidder to build two nuclear reactors in the Czech Republic. Legal disagreements are a potential sticking point in the tender for building two 1,000 megawatt systems in the largest-ever Czech procurement offer, expected to be worth about $18 billion at current rates. The Czechs prepare to use the new systems, together with little modular reactors and sustainable sources, to replace a fleet of coal-fired plants...

Mining

Mineral Resources

Mineral Resources

Reserve banks stay keen purchasers of gold, agents inform bullion conference

Reserve banks stay eager purchasers of gold to diversify their reserves for financial or strategic factors, agents of 3 central banks told the London Bullion Market Association's annual conference in Miami on Monday. Raised need for gold from reserve banks underpinned the rate of the non-yielding gold when the worldwide interest rates were high in 2022-2023 and after that decreased with this year's 28%. spot gold price rally. China's reserve bank kept back on buying. gold for a 5th straight month in September. In spite of the gold rally, representatives of reserve banks of. the Czech Republic, Mongolia and Mexico...

Mineral Resources

Thyssenkrupp names Henne as steel system's new supervisory board head

Thyssenkrupp called Ilse Henne as chairman of its steel department's supervisory board on Thursday as part of a management shuffle at the system after the previous leadership departed in the middle of a deepening dispute over the future of the steel company. Henne prospers Sigmar Gabriel, who revealed he was stepping down last month in addition to several other members of Thyssenkrupp Steel Europe's (TKSE) management and supervisory boards. The move developed a major management vacuum at a time when Germany's top steelmaker urgently requires a brand-new service plan. At the core of the clash is the concern over how...

Mineral Resources

Sev.en GI's offer for majority in Coronado Global Resources fails

An offer agreed in 2023 for Czech billionaire Pavel Tykac's Sev.en Global Investments to take a 51% stake in coal miner Coronado Global Resources from the Energy & & Minerals Group (EMG) has actually failed as a. regulative due date ended, the companies included said on. Tuesday. Metallurgical coal miner Coronado Global Resources. has 3 mining complexes in Australia and the United States. and has annual coal production of 16 million metric heaps. EMG has ended the agreement because of certain. conditions not being satisfied by the Outside Date (including. receipt of Foreign Financial investment Regulatory Board regulative. approval), EMG...

Mineral Resources

RPT-Czech billionaire Kretinsky's vast empire

Czech billionaire Daniel Kretinsky has continued with his buying spree this week with a deal through financial investment automobile EP Group to take the owner of Britain's Royal Mail private. Kretinsky, 47, a former investment bank attorney who built among Europe's biggest energy groups, Energeticky a Prumyslovy Holding ( EPH), has actually been diversifying into retail, media and other areas. His net worth stands at $9.4 billion, according to Forbes. Kretinsky operates through different financial investment lorries, including EP Group and VESA Equity Investment. The latter has actually a. portfolio valued at more than 3 billion euros ($ 3.24 billion),....

Mineral Resources

British Service - May 30

Following are the top stories on the business pages of British newspapers. has not verified these stories and does not vouch for their precision. The Times - Columbia Threadneedle Investments, which holds about 5% of Royal Mail owner International Circulation Provider, believes that the deal of 370 pence a share by Czech billionaire Daniel Kretinsky underestimates the postal services group. - Sony Music is in talks to acquire Queen's music brochure, that includes hits such as Bohemian Rhapsody and We Will Rock You, in what might be one of the biggest offers of its kind to date. The Guardian -...

Mineral Resources

Thyssenkrupp to pare back funding for steel system in 50:50 JV with Kretinsky

Thyssenkrupp will merely contribute funding to its steel division needs to the German corporation agree on a 50:50 joint venture for the unit with Czech billionaire Daniel Kretinsky, it said on Wednesday. The German group prepares to close a sale of 20% in the department to Kretinsky by the end of September while talks over the sale of an extra 30% in Thyssenkrupp Steel Europe ( TKSE) continue. Thyssenkrupp said that it would continue to finance the steel department for the time being after the sale of the 20%. stake in the steel to Kretinsky has actually been completed by...

Mineral Resources

Czech court promotes financial obligation moratorium on steelmaker LIBERTY Ostrava

A Czech court upheld on Wednesday a moratorium on financial obligation owed by significant steelmaker LIBERTY Ostrava, and the company has actually pledged to provide a finished restructuring plan to lenders by the end of next week, a. regional court representative said. The choice provides the business, which utilizes around 6,000,. breathing space to convince lenders, including its main energy. supplier, to back a restructuring plan that aims for the restart. of the firm's blast heating system that has been idle considering that October. The moratorium was declared on Dec. 21 for three months. The company, which operates in the...

Mineral Resources

Liberty Steel UK to restructure business after Deal with Creditors

Liberty Steel, which is owned by commodities tycoon SanjeevGupta has reached an accord with major creditors following the raising of capital. This agreement paves the way for restructuring its British business. Liberty is part Gupta’s family conglomerate GFG Alliance. The company has refinanced its steel, aluminum and energy businesses after its financier, supply chain financing firm Greensill filed for bankruptcy in March 2021. A statement stated that the capital increase included a $350m bond issued by one of their Australian units via Jefferies, and a term loan of $350m asset-backed from BlackRock and Silver Point Finance. The creditor agreement will...

Mineral Resources

Report: Liberty's Czech Steel Mill pledges 200 Million Euros in cost reductions

The Czech steelmaker Liberty Ostrava plans to reduce costs by 200 millions euros ($218.4million) and production by over half as part of a restructuring plan designed to restart its idled blast-furnace, the daily Hospodarske Noviny announced on Monday. On February 28, a regional court spokesperson said that the company had committed to deliver to creditors a complete restructuring plan by the end last week after the court upheld the moratorium on its debt. Liberty Ostrava's spokesperson confirmed that the company began presenting its restructuring plans to creditors on Sunday. However, the group didn't disclose any details in their statement. The...

Mineral Resources

LIBERTY's Czech steel mill says it used to buy energy provider

Significant Czech steel maker LIBERTY Ostrava is making a takeover offer for TAMEH Czech, an insolvent energy manufacturer to whom it owes millions of dollars, to deal with a crisis that has actually hobbled both companies, a supervisor at the steel maker stated. LIBERTY momentarily shut down its only operating blast heater in October amidst weak need. It sent out most of its 6,000 workers home and entered a three-month debt moratorium in December pending restructuring efforts. TAMEH, which declares over 2 billion crowns ($ 85.55 million). in past-due financial obligations from LIBERTY, shut down materials and declared. insolvency. Resolution...