ČEZ Energy Group posts record profits

The ČEZ Energy Group reported a record net profit of CZK 80.7 billion last year, up from CZK 9.9 billion the previous year. According to the company, the significant increase reflects the soaring energy prices due to the Russian invasion of Ukraine, record profits from commodity trading on foreign markets and the high operational reliability of ČEZ power plants. The result has far surpassed analysts' estimates.

Prime Minister Petr Fiala said he wants to use roughly CZK 100 billion of the ČEZ energy group's levies to help deal with high electricity prices, build motorways and boost defence spending.