CEZ Group Energy Transformation and Financial Results
GOVERNMENT SHALL PROVIDE FINANCING FOR
PERMITTING AND CONSTRUCTION PHASES AND SECURE
THE OPERATION BY POWER PURCHASE AGREEMENT
Currently contemplated financing structure*
CEZ Group will fund Stage 1 entirely through its equity investment. (ca EUR 0.2 billion**)
Stage 2 onwards will be financed by the repayable financial assistance from state (RFA)
During 2024-2029 in the Stage 2 in the amount ca EUR 0.7 billion
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During 2029-2038 in the Stage 3 and 4 in the amount ca EUR 5.1 billion
Repayable Financial Assistance from state (RFA)
0% during the period of construction
During period of operation: costs of State debt financing plus 1% but not less than 2% p.a.
Duration 30 years from the start of operation of NPP
As a result of a higher share of state financing, the offtake price is expected to be between 50-55 EUR/MWh, i.e., in the lower
interval of the originally assumed range of 50-60 EUR/MWh (subject to EPC tender results)
Additional cost overrun financing mechanism
CEZ Group will not bear any risk of additional costs in case of "legitimate grounds", the Czech state bears the additional costs
Test on the overcompensation will be implemented in the PPA contract
The mechanism according to the low-carbon law will ensure adequacy of the purchase price and return (regular review after 5 years)
This model will be further discussed in the prenotification with the European Commission and finalized
*
At 2020 prices, rounded
**
It does not include the costs incurred until 2020 for the permitting and contracting and the purchase of land; assuming the current supplier model
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