Major windfall for electric company as parliament modifies emissions allowances

The state-run electric company ČEZ is set to receive a major windfall following a parliament proposal to change the format for emissions trading in the future. The amendment proposes to allow power companies to escape the obligation to buy emissions allowances if they invest the savings instead in clean power production technology. The proposed new law has been sharply contested by many, the Green Party in particular, who say it is a bonus worth billions of crowns for ČEZ that will not necessarily result in cheaper electricity. Proponents of the bill however claim that the electric company deserves to offset some of the costs of investing in cleaner, mostly non-coal burning power plants. Criticism is also focusing on the fact that the bill was not submitted to the government according to usual legislative practice, but was attached to a reading of the Consumer Tax Act - a method frowned upon by the Constitutional Court.