The Czech electricity firm CEZ has given preliminary results of its latest virtual power plant auction.

Reports from the Czech Republic suggest that wholesale prices for power rose by 17.1% on last year’s auction, which is set to translate to price rises for end users of around 6%.

The prices submitted in the auction for the 400MW deliveries during 2007 averaged CZK1,200 ($54.6) per megawatt hour as demand for power continues to increase across the central European region.

The final price is no big surprise for us, CEZ sales director Alan Svoboda was quoted as saying by the CTK news agency. Europe’s hunger for electricity is rising, he added.

However analysts said that the price achieved in the auction was higher than expected, with most believing that CEZ will be happy with the outcome.