CEZ posts drop in annual profits

12-11-2014

The annual profits of the state-owned Czech power giant ČEZ in the first three quarters of 2014 dropped by 38 percent to 19.6 billion crowns. The company’s turnover has dropped by nine percent to 147 billion year-on-year. According ČEZ, the downfall is caused mainly by the decreasing electricity prices and a mild winter, which depressed demands for electricity and heat.