CEZ move seen as step toward nationalisation of energy giant

Shareholders in the Czech majority state-owned energy giant CEZ have approved the process of hiving off the non-power generation side of the company, Czech Television reported. This will be part of a broader restructuring and analysts say the split is the first step toward the planned nationalisation of CEZ by the current government.

The plan was approved by shareholders, including the government, at an annual general meeting.

The nationalisation of CEZ is one of the stated goals of the current government, which justifies it by citing the need to give the company more freedom to invest. Prime Minister Andrej Babiš has previously stated that the cabinet aims to complete the process of taking full control of CEZ by the end of the current legislative term in 2029 at the latest.