For the last quarter of 2013 the profit of the Czech company CEZ has decreased with 49% to 3.5 billion kronor (175 million EUR) compared with 6.9 billion kronor (345 million EUR) an year earlier. For the entire 2013 the profit decreased with 12.3% to 35.2 billion kronor, also reported by the company. This result slightly surpasses expectations of the company, as the analysts expected the profit to be 200 million kronor more. The revenues of the company CEZ amounted to 82.1 billion kronor.
The reason for this decrease according to the business management of the company was the serious decline in the price of wholesale electricity in Europe and also the massive subsidies that go into the renewables sector. At the same time continue the stagnation of the European economy continue and the uncertainty about the regulatory environment in the energy sector in Europe, added from CEZ in the financial report.
The company forecasts are for worsening of the situation and the revenue for 2014 to be within about 70.5 billion kronor, while the profit to be around 27.5 billion kronor. In 2013 the company CEZ has pledged for optimizing of the traditional electricity. The company has invested in projects to increase the capacity of its nuclear power plants and coal plants.