CEZ's economic results for 2023

Published by: 30.05.2024 13:25:33

ČEZ Group is an important player in the energy sector not only in the Czech Republic, but also in Central Europe. This stable energy company contributes to the development of regional energy in accordance with European sustainability goals. With the vision "2030 – Clean Energy Tomorrow", ČEZ aims to dynamically transform its production portfolio towards low-emission sources and to achieve climate neutrality by 2040. One of the key steps is to significantly limit the use of coal for the production of heat and electricity by 2030.

 

Strategic investment and growth

In order to achieve its ambitious goals, ČEZ is planning large-scale investments in nuclear energy and renewable sources. In addition, the company actively supports the development of electromobility and invests in technologies for the production and storage of energy, including the extraction of critical raw materials. These steps are to ensure secure and competitive energy for customers.

 

Shareholders and market position

The main shareholder of the parent company ČEZ is the Czech Republic, which holds almost 70% of the share capital. The company's shares are traded on the stock exchanges in Prague and Warsaw and are part of the important stock market indices PX and WIG-CEE. As of December 31, 2023, CEZ's market capitalization was CZK 515 billion. During its existence, the company paid a total of CZK 446 billion in dividends to its shareholders.

 

Economic benefits and tax levies

ČEZ has long been one of the largest taxpayers in the Czech Republic and contributes significantly to the country's economy. Since the establishment of the joint-stock company in 1992, it has paid more than a trillion crowns in dividends, taxes, levies, donations and payments for emission allowances.

 

Price stabilization and economic results

Commodity prices stabilized in 2023, while the price of electricity remained high, influenced by rising emission allowance prices. Thanks to the growth of electricity market prices and record economic results in 2022, the general meeting approved the highest dividend in history in the amount of CZK 145 per share in 2023. This meant a payment of CZK 78 billion to shareholders, of which the Czech state received over CZK 54 billion. In addition, ČEZ contributed CZK 45 billion to the state budget through extraordinary taxation of sales and profits and CZK 27 billion from ordinary income tax. In total, the ČEZ Group paid over CZK 126 billion to the state in dividends, taxes and levies in 2023.

 

Operational successes and investments for the future

Despite the extraordinary tax burden, CEZ achieved the highest profit in the last ten years in 2023, apart from the record year 2022. The success was mainly due to the reliable operation of nuclear power plants, profits from commodity trading on foreign markets and the growth of the energy services segment. ČEZ also secured supplies of nuclear fuel for the Dukovany power plant from Westinghouse, which will replace the current Russian supplier TVEL.

Important projects include the construction of the third longest heat pipe in the Czech Republic, which connects the Temelín nuclear power plant with České Budějovice. This project will provide emission-free heat for a third of the city for at least 20 years. ČEZ is also investing in the infrastructure of LNG terminals in Germany, which will strengthen energy independence and security of supply.

 

Ambition and sustainability

ČEZ is the first Czech company to confirm that its strategy is sufficiently ambitious and in line with the goal of limiting global warming to 1.5°C. The company has made significant progress in fulfilling its environmental, social relations and corporate governance (ESG) commitments.

2023 was a year of significant achievements and strategic investments for ČEZ, which laid solid foundations for a sustainable and secure energy future.