Half-year reports

Highlights of H1 2025

February

• CEZ Group completed the sale of Polish coal-fired power plants and related assets; CEZ Group intends to continue developing its companies which focus on providing modern energy services (ESCO) in Poland.

March

• CEZ Group acquired an ownership interest in Rolls-Royce SMR Limited, with a stake of more than 11% aiming to gradually acquire approximately a 20% stake,
• Inven Capital, CEZ Group’s investment fund, expanded its portfolio of investments by acquiring the German company Vytal, which operates a system of reusable gastronomic packages fitted with a special, machine readable QR code, printed directly on the packages,
• The European Commission included the project of lithium ore mining in Cínovec and its processing in Prunéřov among strategic projects under the Critical Raw Materials Regulation (CRMA).

April

• ČEZ completed the sale of its 15% stake in Veolia Energie ČR to its majority shareholder – VEOLIA ENERGIE INTERNATIONAL,
• ČEZ signed a contract for the supply of natural uranium with the world’s largest uranium producer, the Kazakh company Kazatomprom; the supplies will cover approximately one-third of the demand for fuel assemblies manufactured by Westinghouse for the Temelín Nuclear Power Plant,
• The Czech state and ČEZ signed a contract for the sale of an 80% stake in Elektrárna Dukovany II (EDU II), which implements the project to build two new nuclear units at the Dukovany site; after the sale of the stake, ČEZ does not have any obligations to EDU II to finance the project, not even off-balance sheet.

May

• Extensive inspections of the pressure vessel of Unit 3 reactor of the Dukovany Nuclear Power Plant confirmed its satisfactory condition, and therefore the unit’s readiness for further planned operation; the inspections are repeated every 8 years,
• Fuel assemblies by Westinghouse were delivered to the Temelín Nuclear Power Plant,
• Energotrans and the alliance of Metrostav DIZ and Siemens Energy concluded a contract for the construction of a new CCGT plant at the Mělník site, with an expected commissioning date in 2029; this will create the biggest CCGT heating source in Czechia, with a power capacity of 266 MWe/183 MWt.

June

• ČEZ held its Annual Shareholders’ Meeting; among other things, it approved a dividend of CZK 47 per share and financial resources for donations in 2026, amounting to CZK 220 million,
• CEZ Group’s 900th anniversary charging station for electric vehicles was opened,
• The first ever Westinghouse fuel assemblies (manufactured in Västerås, Sweden) arrived at the Dukovany Nuclear Power Plant.

July

• ČEZ completed its investment in Rolls-Royce SMR; having purchased a 9% stake, it acquired approximately a 20% stake in the aforementioned company which specializes in the development of small modular reactors,
• ČEZ and Rolls-Royce SMR signed an amendment to the Early Works Agreement, governing cooperation on the preparation of documentation pursuant to Czech legislation and the preparation of site facilities for the first small modular reactor (SMR) in Czechia, at the Temelín site, with the completion date in the mid-2030s.

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CEZ Group - Half-year Financial Report 2025

Highlights of H1 2024

January

• The corporate income tax rate was increased in Czechia from 19 to 21% with effect from January 1, 2024; in addition, value added tax rates were adjusted, which led to an increase in heat rates from 10 to 12%, while electricity and gas rates remained at 21%,
• CEZ Group committed to report the impacts of its business on the environment, landscape, ecosystems and biological diversity according to the recommendations and evaluation criteria of the Task Force on Nature-related Financial Disclosures (TNFD),
• the Czech government agreed to the conclusion of an amendment to the First Implementation Contract on Cooperation in the Construction of the New Nuclear Power Plant at the Dukovany Site, concluded between the Czech Republic and the companies ČEZ, a. s. and Elektrárna Dukovany II, a.s.; the Czech government decided that two of the three applicants for the contract for the new nuclear unit in Dukovany (French EDF and South Korean KHNP) would be invited to submit more favorable bids and at the same time to submit binding bids for 3 other nuclear units at existing nuclear sites in Czechia.

February

• CEZ Group put into operation the largest battery system in Czechia; the facility works as part of gas energy units of the modernized Energy Center in Vítkovice, Ostrava; the battery has a power of 10 MW, more than 30% larger than the largest installation previously; thanks to the unique design without an internal corridor, the facility, as big as a single-family house, has a 20% higher capacity compared to standard batteries.

March

• ČEZ signed a contract with the French company Orano to provide uranium enrichment services; after its conversion into fuel, enriched uranium will be used in the Dukovany Nuclear Power Plant,
• on March 20, 2024, ČEZ entered into an agreement for the purchase of a 55.21% stake in the Luxembourg company Czech Gas Networks S.à r.l., which is the indirect 100% owner of the Czech companies GasNet, s.r.o., the operator of the largest distribution gas network in Czechia, and the service company GasNet Služby, s.r.o.; subsequently, CEZ Group submitted a request for approval of this transaction to the European  Commission and the Ministry of Industry and Trade of the Czech Republic,
• ČEZ signed an agreement on a future contract and an implementation contract with Teplárny Brno for the future construction of a heat pipe from the Dukovany NPP to Brno; the construction of the heat pipe is scheduled to start in 2027, with an expected completion in 2031,
• CEZ Group’s investment fund Inven Capital expanded its investment portfolio to include the Scottish start-up Ember, which operates 24 intercity electric buses manufactured by Yutong,
• CEZ Group started the process of divestment of coal assets in Poland; the sale involves four companies – CEZ Skawina, CEZ Chorzów, CEZ Produkty Energetyczne Polska, and CEZ Polska.

April

• Elektrárna Dukovany II received updated bids for the construction of the fifth nuclear unit at Dukovany site and for three other units at existing nuclear sites from the French company EDF and the South Korean company KHNP,
• CEZ Group achieved the best ESG evaluation in history; ČEZ was ranked among the 10% of the best-rated companies in the world within the global rating aggregator CSRHub, which compares the approach to ESG by more than 37,000 companies based on ESG data from rating agencies,
• the European Union agreed to the state aid for a new nuclear unit in Dukovany, with a power capacity of 850 to 1,200 MWe; the aid includes three measures – contracts for the purchase of electricity from a new source with a duration of 40 years, repayable financial assistance by the Czech state to finance the construction of the new nuclear facility, and a contractual instrument to protect the investor against changes in the legislative and regulatory environment in Czechia,
• ČEZ concluded long-term contracts for sale of heat from new sources with the towns of Orlová and Bohumín in the Moravian-Silesian Region of Czechia until at least 2040; heat will be produced by new low-emission heat facilities.

May

• The acquisition of GasNet was approved by the Ministry of Industry and Trade of the Czech Republic, thereby fulfilling the first condition precedent to this transaction.

June

• The Annual Shareholders’ Meeting of ČEZ was held; among other things, it approved a dividend of CZK 52 per share, corresponding to approximately 80% of CEZ Group’s net profit in 2023, adjusted for extraordinary effects,
• a Notice of Evaluation of Bids (including the recommendation of the preferred bidder for the construction of a new nuclear power facility in Dukovany) submitted to the government of the Czech Republic,
• the launch of construction of the first German onshore LNG terminal in Stade, Germany, where ČEZ, a. s. has an annual capacity of 2 billion m3 reserved from 2027,
• ČEZ, a. s. became the winner of the 22nd annual Pluxee Employer of the Year 2024 award in the category of employers with more than 5,000 employees,
• the retail company ČEZ Prodej won an award in the Contact Center World competition for Europe, Middle East and Africa; it won the 1st place and a gold medal in the Best Customer Service category and took the 2nd place in the Best Contact Center category.

July

• On July 17, the Czech government decided that the South Korean company Korea Hydro & Nuclear Power Company (KHNP) would be the preferred bidder for the project of construction of new nuclear facilities,
• Elektrárna Dukovany II and ČEZ entered into negotiations on the construction of two units in Dukovany and the possibility of contracting binding options for the construction of additional nuclear facilities in Temelín; framework agreements with the state envisage the conclusion of the contract for the construction of the new facilities in Dukovany in Q1 2025.

August

• On August 8, the last condition precedent to the acquisition of GasNet was met, as the transaction was approved by the European Commission; the transaction is expected to be closed (i.e., financial settlement, acquisition of ownership interest, and start of consolidation of the acquired assets’ financial results into CEZ Group) at the turn of August and September 2024.

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CEZ Group - Half-year Financial Report 2024

Selected Events in H1 2023

January

• the independent company Elektrárna Dětmarovice, a.s., ceased to exist due to merger with ČEZ, a. s., in accordance with the strategic plan to transform the heating industry in the CEZ Group,
• the construction of a new source in Dětmarovice was approved.

February

• The European Investment Bank decided to provide an additional EUR 50 million to the Inven Capital fund for investments into climate-friendly start-ups; the CEZ Group, as the owner of the fund, provided more than EUR 210 million for the fund’s investment period of 2022-2027; the total size of the venture capital fund for innovative start-ups already exceeds EUR 500 million,
• ČEZ initiated arbitration against the Russian company Gazprom Export LLC in order to recover damages in the amount of approximately CZK 1 billion by virtue of non-fulfillment of the obligation to supply natural gas in 2022,
• the judgment of the High Court in Prague announced in the case of a litigation with the state organization Správa železnic (Railway Administration, SŽ) for compensation for damages for failure to purchase the agreed amount of electricity in 2011, confirming the original first-instance judgment whereby SŽ is forced to pay damages of CZK 727 million and further accessories; in total, this involves an amount exceeding CZK 1 billion; SŽ paid the principal of the debt and filed an appeal against the judgment; along with the appeal, it also filed a motion to postpone the payment of interest until the court decides on this appeal.

March

• an agreement was concluded on the basis of which the US-based company Westinghouse Electric Company, with a production plant in Sweden, will also supply nuclear fuel for the Dukovany Nuclear Power Plant from 2024; the previous supplier was the Russian company TVEL.

April

• as part of the RES+ Modernization Fund call No. 2/2022, it was decided in Czechia to provide an investment subsidy for 24 applications to support the CEZ Group’s PV projects with a total installed capacity of 728 MWp (out of 44 submitted applications); the total allocated subsidy of CZK 3.1 billion constitutes 56% of the amount distributed under the call,
• the CEZ Group’s first wind farm in France was put into commercial operation – Aschères-le-Marché; its 4 turbines have an installed capacity of 12 MW.

May

• CEZ Group Sustainability Report 2022 was published.

June

• the Annual Shareholders’ Meeting of ČEZ was held, which, among other things, approved a dividend of CZK 145 per share; this is the highest value in the company’s history,
• the company’s management confirmed the intention to operate both existing nuclear power plants for at least 60 years,
• ČEZ received the first loan linked to the ESG rating; the volume of the credit line reaches CZK 7.5 billion; providing a more favorable interest rate is contingent upon a better rating of the sustainability of the company’s business.

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CEZ Group - Half-year Financial Report 2023

Selected Events in H1 2022

January

• CEZ Group joined the UN Global Compact initiative.

February

• The Russian Federation launched a military operation in Ukraine; several rounds of sanctions and counter-sanctions by the European Union, the United States, and the Russian Federation followed, restricting trade and payments between them; these events led to further unprecedented increases in commodity prices and uncertainty in Europe.

March

• On March 15, 2022, a decision was issued on the provision of financial resources from the State Environmental Fund of the Czech Republic intended for photovoltaic power plants above 1 MWp; investment support of CZK 1.0 billion for 17 projects with a total capacity of 173 MWp was approved for ČEZ under the RES+ Call No. 2/2021.
• A tender procedure for the contractor to construct a new nuclear power plant at the Dukovany site has been launched; three bidders are participating, namely the US-Canadian company Westinghouse, the French company EdF, and the Korean company KHNP; the deadline for the submission of initial bids is the end of November 2022, and Q4 2023 for final bids.
• The Russian Federation has made it compulsory for customers from countries on the list of “not friendly countries” to pay for natural gas in Russian roubles from April 1, 2022; Czechia has been on the list since May 2021.

April

• On April 6, a EUR 600 million Sustainability-Linked Bond was issued, maturing in 2027 with a coupon of 2.375%; it is the first ever EUR-denominated sustainability-linked bond issued by an energy company in Central and Eastern Europe.
• MSCI upgraded ČEZ's ESG rating on April 8 to AA (up 2 levels from BBB).
• ČEZ and GEOMET signed a memorandum with the Ústí nad Labem Region to support lithium production and the construction of a battery cell factory for electric vehicles.

May

• On May 26, the State Office for Nuclear Safety issued a permit for the continued operation of Unit 2 of the Temelín Nuclear Power Plant for an indefinite period of time; ČEZ must continuously demonstrate to the authority that it meets all conditions related to safe operation.
• In line with the strategy in the heating sector, a decision was taken to merge Elektrárna Dětmarovice into ČEZ on January 1, 2023.
• The international SBTi (Science Based Targets initiative), which provides companies from all over the world with expert assessments of their climate targets, has verified that CEZ Group's short-term targets meet the conditions of the Paris Climate Agreement.

June

• On June 28–29, the Shareholders' Meeting of ČEZ, a. s., was held, at which, among other things, the dividend of CZK 48 per share, a change in the composition of the Supervisory Board, and an updated business concept were approved.
• Following a tender procedure, ČEZ concluded contracts with the US-Canadian company Westinghouse and the French company Framatome for the supply of fuel assemblies for the Temelín Nuclear Power Plant; deliveries for more than 10 years will begin in 2024.
• ČEZ announced that it will become a 100% owner of ŠKODA JS, a major nuclear industry supplier.
• With the completion of a modern 110/22 kV transformer station on the outskirts of Uničov in the Olomouc Region, CEZ Group has secured sufficient power supply for the electrification of the modernized Olomouc—Uničov—Šumperk railway line with a line speed of up to 160 km/h.

Selected Events until the Closing Date for the Half-Year Report

July

• The Ministry of Industry and Trade of the Czech Republic together with ČEZ have negotiated a capacity of three billion cubic meters of natural gas per year for Czechia at a new LNG terminal, including transport routes to Czechia; the terminal will be located in Eemshaven, the Netherlands; the contract has been concluded for 5 years; the capacity will be commercially managed by ČEZ; options for capacity assignment and cost sharing with the Czech state are included.
• The European Parliament approved the temporary and conditional inclusion of nuclear power and natural gas as green investments under the European Sustainable Investment Taxonomy.
• ČEZ signed a credit agreement with the Ministry of Finance of the Czech Republic for up to EUR 3 billion (approx. CZK 73 billion) to cover liquidity risks associated with a potential surge in the requirements for temporary extraordinary increases in margin deposits (security deposits) on energy exchanges and to trading counterparties; on July 13, ČEZ drew down EUR 2 billion (approx. CZK 49 billion) in accordance with the agreement, and another EUR 1 billion (approx. CZK 24 billion) is available within 5 days upon request.
• ČEZ has signed an agreement to sell its 50% stake in the Turkish joint venture AKCEZ Enerji to the Turkish Torunlar Group; the transaction is conditional, among other things, on refinancing the existing debt of AKCEZ Enerji by the new co-owners; the transaction is also subject to approval by the Turkish Antitrust Authority and the local energy regulator.

August

• Following the reduction of natural gas supplies from the Russian Federation and rising inflation in Europe, wholesale electricity prices for delivery in 2023 reached new all-time highs, exceeding EUR 500/MWh.

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CEZ Group - Half-year Financial Report 2022

Selected Events in H1 2021

January

• The sale of Romanian assets related to the generation, distribution, and sale of electricity by the Romanian State Security Council is approved.
• The sale of Bulgarian assets was approved by the Bulgarian Commission for Energy and Water Regulation.

February

• The digitization of nuclear power plant processes continues with the deployment of the “Mobile Support for Operation and Maintenance Preparation” application at both nuclear power plants; maintenance preparation is now fully managed through this digital application, which increases efficiency and ensures safe execution of work.

March

• On March 31, the sale of seven Romanian companies (the distribution and sales companies and the Fântânele and Cogealac wind farms, four small hydroelectric power plants, and a shared services center) was completed; the shares of the companies were handed over to the buyer, Macquarie Infrastructure and Real Assets against payment of the full purchase price.
• The conditions for supporting the construction of RES from the Modernization Fund in Czechia were specified.
• A SÚJB permit for the location of two new nuclear units at the Dukovany site was obtained and the plant was authorized under the Energy Act.
• An award of the arbitration tribunal in the international investment arbitration of ČEZ, a. s., against the Bulgarian state was issued, which confirmed the legitimacy of the arbitration within the current jurisdiction and thus moved the proceedings to the next phase, in which the merits of the dispute will be assessed.

April

• In February, a joint ESCO venture was formed with a strong local partner SPP in Slovakia to develop decentralized energy and comprehensive energy services and commodity customer portfolio sold to SPP.
• The overhaul of Units 21 and 22 of the Tušimice power plant was started, including the implementation of additional greening measures, enabling the units to operate in accordance with the new BREF/BAT limits.

May

• CEZ Group's accelerated strategy, VISION 2030—Clean Energy for Tomorrow was announced, based on transforming the generation portfolio to low-emission one, achieving carbon neutrality by 2050, and providing the most cost-effective energy solutions and best customer experience in the market; CEZ Group's focus on social responsibility and decarbonization in line with the Paris Agreement deepens.
• The largest ČEZ ESCO energy savings project in Slovakia has been completed; thanks to the modernization of the University Hospital and Health Center in Nové Zámky, which included replacement of lighting in selected buildings, a new boiler room, laundry, and reconstruction of the air conditioning system, the hospital will save up to CZK 20 million annually in operating costs. It will also reduce CO2 emissions by 2,000 tons per year.
• A new information website, https://www.cezdistribuce.cz/cs/pro-vyrobce, was launched, offering clear information and instructions on how to proceed when applying to connect a generating facility or micro-source, with an emphasis on self-care channels.

June

• In connection with the accelerated VISION 2030—Clean Energy for Tomorrow strategy and a significant deterioration of the medium-term market conditions for coal-fired power in Q2, updates of the concepts for the future operation of the coal-fired portfolio and the use of all generation sites in Czechia were initiated; priority was given to the sites of Mělník and Dětmarovice, where the operation of facilities is linked to a large supply to the centralized heat supply systems.
• Three bidders for the construction of a new nuclear power plant at Dukovany (approved by the Czech state) were sent an invitation to participate in the safety assessment; following confirmation of their interest and fulfillment of the conditions, preliminary tender documents were sent to all three bidders.
• ČEZ Prodej has entered into a strategic partnership with Česká pošta with the aim of getting closer to its end-use customers in the regions in terms of service; the current network of 24 customer centers and other contact points of ČEZ Prodej will be gradually supplemented by 73 branches of Česká pošta in 2021 and 2022.
• A new parking lot with a photovoltaic power plant was opened at the Dukovany Nuclear Power Plant; the carport, a roofed parking lot for more than 320 cars of the plant's employees and contractors, consists of 2,600 photovoltaic panels and, thanks to its capacity, will generate about 850 MWh of electricity per year emission-free, which will cover the year-round consumption of almost three hundred households.
• The Shareholders' Meeting of ČEZ, a. s. was held, at which, among other things, a dividend of CZK 52 per share was approved.

Selected Events until the Closing Date for the Half-Year Report

July

• On July 15, ČEZ ESCO became a 100% owner of EP Rožnov, a Czech market leader in comprehensive services in the design and implementation of cleanrooms, especially for the electrical, automotive, pharmaceutical, and medical industries.
• On July 27, the sale of seven companies in Bulgaria, including distribution and sales companies, was completed; against payment of the full purchase price of EUR 335 million, the shares of the companies were handed over to the buyer—Eurohold Bulgaria; the sale of assets has no impact on the international investment arbitration against the Bulgarian state, which is ongoing and represents a potential additional return for CEZ shareholders.
• On July 27, the Ministry of Industry and ČEZ concluded a memorandum regarding the preparation of a project for a battery cell factory for electric vehicles, the so-called gigafactory, with the assumption of subsequent involvement of the automotive industry and battery manufacturers representatives; the investment in the project with an annual generation capacity of 40 GWh is assumed at the level of EUR 2 billion, 2,300 jobs should be created; within the contemplated investor consortium, ČEZ could act as a developer, which, among other things, will provide the necessary land and take care of energy supply and energy services.
• The achievable capacity of Unit 1 of Temelín NPP increased by 4 MWe (to 1,086 MWe); the increase was achieved by installing two new separators—steam heaters in the non-nuclear part of the plant, which increased the efficiency of the unit while maintaining the reactor capacity.

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Half-year Report 2021

Selected Events in H1 2020

February

• An agreement was made with US company GE Hitachi Nuclear Energy to investigate the economic and technical feasibility of the potential construction of a BWRX-300 small modular nuclear reactor in Czechia.

March

• Joining a call by large European energy companies whereby a total of seven companies ask the European Commission to leave nuclear energy on its list of sustainable economic activities.
• A siting permit application for the construction of a new nuclear power plant at Dukovany was submitted to the State Office for Nuclear Safety.
• Timely measures were taken to minimize COVID-19 pandemic risks for and impacts on key activities and to protect the health of CEZ Group companies’ employees. The measures were coordinated with national crisis staff even before a state of emergency was declared.
• A state of emergency was declared in the Czech Republic due to the COVID-19 pandemic (March 12 to May 17, 2020).

April

• A 51% stake in GEOMET s.r.o. was acquired through Severočeské doly. GEOMET, a Czech company, is the holder of preferential exploration and production rights to a lithium mineral deposit at Cínovec.

June

• The parameters of the fifth regulatory period, spanning 2021–2025, were approved for ČEZ Distribuce.
• The Prunéřov I coal-fired power plant, which generated 139 TWh of electricity throughout its lifetime, was put out of operation.
• An additional stake of 49.9% in ČEZ Energo was acquired by ČEZ ESCO, becoming the sole owner of the company.
• A smaller battery system for customers purchasing a photovoltaic installation from ČEZ was presented. The system is intended for smaller family houses and low-energy houses.
• Inven Capital sold its share in CyberX, an Israeli company specializing in industrial cybersecurity, to Microsoft.
• Binding offers were received concerning the sale of assets in Romania. The sale involves, most importantly, distribution and sales companies and the Fântânele and Cogealac wind park.
• The annual shareholders’ meeting of ČEZ, a. s., was held; a dividend of CZK 34 per share was approved.

Selected Events until the Closing Date for the Half-Year Report

July

• On July 27, 2020, the Czech government discussed an act on measures for Czechia’s transition to low-carbon energy with the aim of enabling the state to order the construction of a nuclear power plant with a fixed commissioning date, generation volume, and elektricity purchase price and also to provide some funding for the project.
• On July 28, 2020, the Czech government signed a framework agreement and an implementation agreement with ČEZ, a. s., and Elektrárna Dukovany II, a. s., for stage 1 of the construction of a new nuclear power plant at Dukovany.

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Half-year Report 2020

Selected Events in H1 2019

January

• Wind turbine projects with an installed capacity of up to 119 MW were purchased in France.
• The www.bezstavy.cz site was launched for ČEZ Distribuce customers, where they can get, for example, information about power outages during natural disasters and expected power restoration times.
• Inven Capital, CEZ Group’s investment fund seeking opportunities in the new energy sector, bought a share in Driivz, a company whose modular charging management system is used by 300,000 drivers globally.

February

• Inven Capital sold its stake in sonnen, a Bavarian battery system manufacturer; the selling price was about two times the purchase price.

March

• The European Parliament excluded nuclear, coal, and gas power from the category of sustainable finance, increasing the risk of a future change in EU regulation-as contrasted to sustainable sources having a “green investment label.”
• INVEN CAPITAL acquired a share in CyberX, an Israeli company delivering comprehensive solutions for industrial cybersecurity.
• A memorandum on crisis communication during natural disasters was signed by Czech energy distribution companies ČEZ Distribuce and E.ON Distribuce of the one part and telecommunications infrastructure operators of the other part.

April

• The agreement with Inercom for the sale of CEZ Group’s assets in Bulgaria was terminated.
• CEZ Group began selling electric vehicles to households and sole traders.

May

• A decision was taken to update the dividend policy as follow-up to an update to CEZ Group’sstrategy, which no longer anticipates any major investments in renewables abroad; the payout ratio was raised to 80%-100% of consolidated net income adjusted for extraordinary effects.
• HERMOS, a German group involved in ESCO services, was acquired.

June

• An agreement was made with Eurohold for the sale of CEZ Group’s assets in Bulgaria for EUR 335 million (about CZK 8.6 billion).
• INVEN CAPITAL acquired a share in Neuron Soundware, a Czech company delivering smart solutions for machinery diagnostics based on acoustic analysis of machine operation.
• A WANO international review began at the Temelín Nuclear Power Plant; final results of the mission will be available in October.
• The 28th annual shareholders’ meeting of ČEZ was held, approving, among other things, an update to the business policy of CEZ Group and ČEZ, a. s.

Selected Events in H1 2018

January

• SÚJB’s decision granting an operating license for an indefinite period of time for Units 3 and 4 of the Dukovany nuclear power plant came into effect.
• ČEZ Distribuční služby ceased to exist as a result of a merger by acquisition by ČEZ Distribuce.
• ČEZ Inženýring ceased to exist as a result of a merger by acquisition by ČEZ, a. s.
• A 100% stake was acquired in Polish company Metrolog sp. z o.o.
• A 25% stake in ENESA was acquired by ČEZ ESCO, becoming its sole shareholder.

February

• A sales contract was signed for the sale of CEZ Group’s assets in Bulgaria (Oreshets and Bara power plants as well as electricity distribution, sales, and trading, including the provision of support services).
• A change in the legal form of INVEN CAPITAL from a closed-end investment fund to an investment company with variable capital (SICAV) was completed, fulfilling the condition for the management of EUR 50 million from the European Investment Bank.

March

• A technical and economic study of the long-term operation of the Temelín Nuclear Power Plant was completed, confirming the feasibility of the long-term operation of the source by 2060 for Unit 1 and 2062 for Unit 2; no significant safety engineering limitations were identified in the study for operation even beyond this horizon.
• An integrated permit for the first of CEZ Group’s prepared wind farms in France (Aschères-le-Marché) came into effect.
• ČEZ Distribuce launched notification of planned outages and failures via email and cell phone texts.

April

• We opened the first of fast-charging stations for electric vehicles planned in collaboration with the Kaufland retail chain in Czechia.
• Engineering modifications to the high-pressure stage of the turbine increased the achievable capacity of Unit 1 of the Temelín Nuclear Power Plant by 2 MWe.

May

• A ČEZ HEATING SERVICE was launched to provide customers with comprehensive maintenance services for their gas boilers.
• A pilot project for a 3MW lithium-ion battery system was launched at Tušimice; the system should provide ancillary services to the transmission system operator.
• A favorable opinion was received from the Ministry of the Environment of the Czech Republic on the EIA report for the New Fluidized-Bed Boiler and Gas-Fired Boiler Plant project at Mělník.

June

• The annual shareholders’ meeting of ČEZ was held, approving dividend payment, among other things; the dividend awarded was CZK 17.8 billion.
• We opened the first of fast-charging points for electric vehicles planned in collaboration with the Benzina gas station network in Czechia; furthermore, we put into operation CEZ Group’s 100th charging station for electric vehicles in Czechia.
• A series of public hearings concerning the EIA report for a new nuclear power plant at Dukovany took place in Hungary and Czechia and public debates were held in Austria and Germany.
• ČEZ published its Sustainability Report for 2017.

Selected Events Until the Closing Date for the Half-Year Report

July

• American journal Institutional Investor published its international rankings according to which ČEZ has the best investor relations and the best corporate governance system among developing utilities in the EMEA (Europe, Middle East, and Africa) region; Martin Novák was ranked as the best CFO and Daniel Beneš ranked second among the region’s CEOs.
• ČEZ Prodej’s code of conduct was updated in accordance with the Energy Regulatory Office’s template, now stricter, especially in the supplier switching process; the code of conduct describes rules for traders’ dealings with customers as well as rules for dealings between traders.
• The transaction to sell CEZ Group’s Bulgarian assets was disapproved by the Commission for Protection of Competition in Bulgaria; the buyer, Inercom, brought an administrative action agai nst the decision.

August

• ČEZ brought an administrative action against the decision of the Bulgarian Commission for Protection of Competition concerning the sale of CEZ Group’s Bulgarian assets.

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Half-year Report 2018

Selected Events in H1 2017

January

• Transfer of shares in Tisová Power Plant from ČEZ to Sokolovská uhelná (SU) under an agreement between ČEZ and SU, which resulted in a new contract for coal deliveries until 2025, an agreement resolving all long-term trade disputes, sale of Tisová Power Plant to SU, and termination of all ongoing lawsuits and legal proceedings.
• Rebranding of CEZ Distributie as of January 3; the Romanian distribution company was renamed to Distributie Energie Oltenia S.A. and uses a new Distributie Oltenia logo.

February

• Launch of a battery system rental service, renting battery systems made by sonnen to end-use customers in Czechia.

March

• Merger of the New Energy division and the External Relations and Regulation division into a newly established division named New Energy and Distribution as of March 1.
• Rules governing support for renewable electricity generation, increasing the transparency of the whole RES support system, entered into effect in Romania on March 31.

April

• Completion of a review of the Dukovany Nuclear Power Plant, the fourth of its kind, by WANO’s international mission experts, which identified 9 areas for improvement and 2 good practices transferable to other power plants.
• Settlement of the sale of a block of shares in Hungarian company MOL and the early redemption of convertible bonds, ending almost ten-year holding of 7.5% of the company’s shares, with a total positive cash-flow balance of CZK 3.4 billion for CEZ Group (the sale of shares not sold in the block sale was completed in May).

May

• The Supervisory Board of ČEZ, a. s. refused to give its prior consent to the Board of Directors’ proposal to sell Elektrárna Počerady, a.s.
• Decision to create a separate Nuclear Power division as of June 1; Bohdan Zronek, previously the director of the Temelín NPP and a new member of the Board of Directors of ČEZ, a. s. since May 18, became head of the new division. The organizational units of Temelín NPP, Dukovany NPP, and relevant central functions will be transferred from the existing Generation division to the new Nuclear Power division as of September 1 and the purview of the new division will include ČEZ Energoservis, ÚJV Řež, and other relevant subsidiaries. The new Nuclear Power division will also be responsible for preparing new nuclear units at Dukovany and Temelín.
• On May 14–23, ČEZ successfully underwent the first WANO Corporate Mission, which reviewed corporate processes especially in headquarters management and administration, performance promotion, communication, and human resources. The mission acknowledged 2 good practices and recommended 2 areas for improvement.
• A minority share was acquired in Saxon company CLOUD & HEAT Technologies GmbH through Inven Capital

June

• The 25th annual shareholders’ meeting was held, which approved a dividend of CZK 33 per share, among other things.
• Signing of an acquisition of 14 operated wind turbines with a total installed capacity of 35.4 MW at Lettweiler Höhe, Germany.
• Entry into the French market in renewable energy sources by acquiring development projects for 9 wind parks with a planned capacity of up to 101.8 MW. Connection to the grid and the first revenues are expected in 2019–2022.
• Completion of a sale of residential property in Prague-Písnice for CZK 1.3 billion.

Selected Events Until the Closing Date for the Half-Year Report

July

• SÚJB’s decision granting an operating license for an unlimited period of time for Unit 2 of the Dukovany Nuclear Power Plant came into effect on July 11.
• Construction of CEZ Group’s new data center, planned to be put into operation in 2019, was started at the site of the former Tušimice I power plant.
• Entry into the German ESCO market by acquiring Elevion, a successful company that is one of the largest providers of comprehensive energy services in Germany (specializing in the installations, modernizations, and reconstructions of energy facilities in commercial and industrial buildings). The company’s annual sales are about CZK 8 billion. It employs over 1,800 people.

August

• Binding offers for ČEZ assets in Bulgaria were received from several parties; the offers are being evaluated.

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Half-year Report 2017

Selected Events in H1 2016

February

• Units 1 and 2 of the Dukovany Nuclear Power Plant resumed operation.
• Standard& Poor’s credit rating of ČEZ was reaffirmed at A− including a stable outlook,
• CEZ Group became a partner of Rockstart, a Dutch startup accelerator, where it will become a minority stakeholder in three portfolios with a total of 30 innovative companies under the Smart Energy program in 2016 to 2018; supported projects aim at innovations intended to make more efficient use of energies.

March

• An operating license for an indefinite period of time was received for Unit 1 of the Dukovany Nuclear Power Plant; the validity of the license is conditional on meeting a number of operating conditions.
• ČEZ Energy Services Forum was organized for the first time, presenting the ČEZ ESCO group’s objectives and products to three hundred business, municipal, and institutional customers.

April

• A new product line for electricity, ČEZ ELE WITH REWARD, was introduced, offering customers a 20% discount off the basic price list for entering into a three-year contract.
• Internal investigation into issues associated with insufficient checks of welded joints at the nuclear power plants was finished and systemic measures were adopted.
• A stake was acquired in tado GmbH, a Bavarian technology company offering smart temperature controllers for homes.

May

• Unit 4 of the Dukovany Nuclear Power Plant resumed operation.

June

• The 24th Annual General Meeting was held, which approved, among other things, a gross dividend of CZK 40 per share and the spin-off of a part of the enterprise – the “NJZ ETE” and “NJZ EDU” organizational units.
• Two units of the Prunéřov II Power Plant were accepted for service.
• The individual notification of support for renewable electricity generation at the Fântânele Vest and Cogealac wind parks in Romani a was approved by the European Commission (DG COMP).

Selected Events until the Closing Date for the Half-Year Report

July

• The last of the three units of the Prunéřov II Power Plant was accepted for service, completing the comprehensive renovation.
• Documents needed for the start of the process of comprehensive environmental impact assessment (EIA) of the planned construction of new units at the Dukovany Nuclear Power Plant were delivered to the Ministry of the Environment on July 20, 2016.
• A request for arbitration against the Republic of Bulgaria was filed, whereby ČEZ officially commenced international investment arbitration for the non-protection of its investment under the Energy Charter Treaty.
• An application was filed with the SONS for the extension of the existing operating license for Unit 2 of the Dukovany Nuclear Power Plant, which is valid until December 31, 2016, for until July 10, 2017.

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Half-year Report 2016