CEZ Group Energy Transformation and Financial Results
HEDGING THE MARKET RISKS OF GENERATION IN CZECHIA
FOR 2023-2025
Electricity sold in TWh (as of March 31)
Hedged volume from Jan 1, 2022, to Mar 31, 2022
Hedged volume as of Dec 31, 2021
29.3
Contracted emission allowances* in million tons (as of March 31)
Hedged volume from Jan 1, 2022, to Mar 31, 2022
Hedged volume as of Dec 31, 2021
8.5
2.9
1.0
14.0
3.2
26.4
2.2
7.5
4.1
0.4
0.4
11.8
2.8
2023
2024
2025
EUR 70.9
EUR 69.2
EUR 76.3
2023
EUR 45.8
2024
2025
EUR 53.1
EUR 91.6
Electricity selling price (EUR/MWh)
EUA purchase price (EUR/t)
Share of hedged electricity deliveries from generation in Czechia (as of March 31)
Proportion of electricity deliveries hedged
2023
2024
2025
100% of expected deliveries
61%
32%
10%
42 to 48 TWh of external deliveries per year
In Q1 2022, as part of liquidity risk management, the Risk Committee decided to temporarily limit the hedging of market risks of
generation through contracts requiring margining, i.e., mainly by selling on the commodity exchange, thus temporarily slowing down
the current pace of hedging market risks of generation.
100% of the expected annual volume of emission allowances for generation in Czechia for 2023-2025 is 11-18 m tons.
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