Press releases pg. 70

At today’s meeting, the ČEZ Supervisory Board re-elected Martin Novák as member of the board of directors for the next four-year term that runs from May next year. “With the approaching end of the current office term of this key manager, the company in this way expressed that it also counts on him for the future. Thanks to this, continuity shall be maintained in key areas of company management, especially at present when he was in the scope of recent changes delegated to head the entire Operations Team from next year,” explained Chairman of the Supervisory Board prof. Václav Pačes.

ČEZ Group resolves to improve its energy efficiency and reduce CO2 emissions per MWh generated in the Czech Republic by 46% before 2020 as compared to 2001. ČEZ thus joins other energy companies that declared their specific goals in the context of the Paris climate conference. ČEZ is actively negotiating in Paris for effective carbon pricing and interconnection of CO2 trading, and is one of about 100 international companies and other organizations that have already supported “business proposals.”

INVEN CAPITAL has acquired a minority stake in Sunfire, a company developing and industrialising the most progressive energy technologies that help reduce CO2 emissions and develop decentralized energy generation. ČEZ has thus joined forces with other venture capital funds sponsored by EDF and Total as well as with KfW, a German state-owned development bank.

Today, the CEZ Group officially informed the Government of Bulgaria of its intention to initiate international arbitration on the grounds of Bulgaria’s failure to protect its investment unless the current situation is quickly remedied and the damage caused duly compensated. The Group resorted to taking this step after a series of interventions by Bulgarian institutions that damaged the business operations of ČEZ companies in Bulgaria, and further as a result of the critical situation in the local energy market that has as yet failed to show any improvement. The claim amounts to several hundred million EUR.