PM Babiš: First steps toward nationalising ČEZ to be taken at June shareholder meeting

The first steps toward the nationalisation of the energy company ČEZ will be taken by the state at the company’s annual general meeting in June this year. Prime Minister Andrej Babiš (ANO) told journalists today, but did not specify the concrete steps. He confirmed that the government’s plan to gain full control of ČEZ remains in place, arguing that it is necessary for better control over energy prices and the further development of the energy sector. The nationalisation is intended to be completed by the end of the electoral term in 2029.

The ČEZ Group is one of the largest energy companies in the Czech Republic. The state is its majority shareholder, holding around 70 percent of shares through the Ministry of Finance. Last year, the company posted a profit of 27.4 billion CZK, with net profit decreasing by 1.7 billion CZK year-on-year. Operating profit and revenues also declined compared to the previous year.