CEZ announces plan to reduce electricity prices from January

The Czech Republic’s biggest power company CEZ says it will cut electricity prices for its most commonly used tariff by 15 percent from the start of next year. Customers who sign long-term contracts can receive a reduction of 20 percent. Tuesday’s announcement follows reports that other large power suppliers are also planning to lower their prices. The head of CEZ, Daniel Beneš, told reporters that households that use electricity for heating would save around CZK 5,000 a year.