Czech power supplier CEZ has virtually doubled its net profits for the first three quarters of the year as a result of business and prices growth.
Net profit amounted to CZK13.42 billion for the period, up 94% on the previous year. CEZ attributed the significant gains to growth in its domestic energy and services businesses and greater income from its portfolio of subsidiaries, which contributed CZK4 billion to profits. The east European power company said that improved efficiencies also had a beneficial effect.
Meanwhile CEZ said it achieved an operating profit of CZK14.96 billion for the first nine months of 2005, up 60% year-on-year.
However, the Prague Daily Monitor has reported analyst suggestions that CEZ achieved excessive profits because its consumer prices may have been set too high by the domestic regulator. Despite this contention CEZ did expand its business, as electricity demand increased by 2.3% in the nine month period.
CEZ has also revealed plans to offer customers renewable energy for a surcharge of CZK0.10/kWh. By paying the premium environmentally-conscious customers will be supplied with green energy.