ČEZ chief says SE shares may have negative equity

HEAD of Czech energy giant ČEZ Daniel Beneš has hinted for the Ihned.cz website that the price of shares of Slovenské Elektrárne (SE) that operates nuclear power plants in Mochovce and Jaslovské Bohunice might be zero or even negative. It is because the firm shelters not only operating nuclear blocks but also units in Mochovce that are under construction, the Sme daily wrote in its October 1 issue.

HEAD of Czech energy giant ČEZ Daniel Beneš has hinted for the Ihned.cz website that the price of shares of Slovenské Elektrárne (SE) that operates nuclear power plants in Mochovce and Jaslovské Bohunice might be zero or even negative. It is because the firm shelters not only operating nuclear blocks but also units in Mochovce that are under construction, the Sme daily wrote in its October 1 issue.

Nobody knows exactly how much it will cost to finish them and when they could start operation.

“The risks have likely a higher value that the whole value of the firm,” Beneš said, as quoted by Sme.

The risk is connected mostly to the unclear prospect of profits that should be brought by Mochovce in the future. The prices of electricity in the international markets stand at no more than €35 per MWh. Few years ago they were three times higher, Sme wrote.

ČEZ has already said it is interested in purchasing the 66-percent stock in SE currently owned by Italian company Enel. Beneš assumes that much will depend on negotiations with Slovak government which controls 34 percent in SE. He is talking mostly about “guarantees” that should bring guaranteed higher prices of electricity produced from new source that would be paid by consumers.

Now the state says it would like to increase its share in SE and is considering plans to get the money to buy them. One idea is to sell stock in Slovak Telekom, Sme wrote.

Source: Sme

Compiled by Radka Minarechová from press reports

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