Investor Presentaiton
PROFITABILITY OF LESS EFFICIENT POWER PLANTS
DECREASES SIGNIFICANTLY OVER TIME
Illustrative
ヨ
Market spread 2015 (EUR/MWh) *
Market spread 2020 (EUR/MWh)*
54
-30
35
-7
-17
11
-20
4
Power
price
CO2
Coal
GM
Power
price
CO2
Coal
GM
The rising price of the CO2
allowance increases the
price of electricity only
partially.
Growth of electricity prices
due to rising CO₂ allowance
price has material negative
impact on less efficient
plants (such as EPC).
The resulting gross margin
and operating profit declines
significantly over time.
*
Ilustrative calculation based on market forward prices of power and CO2 prices during previous year (Y-1) related to
delivery in the year 2015 and 2020. The efficiency of the production source used for the illustrative calculation is
comparable with the Počerady power plant.
19 Note.: spread - difference between power price, margin costs of CO2 price and coal
CEZ GROUPView entire presentation