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MESSAGE (ENGLISH VERSION) | |
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All power electricity, which CEZ supplied to the Moravia Energo (ME)
company, was settled in the form of pre-payments. When ME stopped paying
the pre-payments, CEZ was forced to terminate the contracts concluded
with ME, which were concluded in the past for electricity supply in
2009, 2010 and 2011.
In accordance with the business rules and the EFET (European Federation
of Energy Traders) standards, to the date of the contracts´ termination,
CEZ determined the value of the final settlement of prematurely ended
deals with ME based on the prices of electricity, at which CEZ was able
to sell all electricity failed to be withdrawn by the ME company in the
market to the date of termination of the contracts between CEZ and ME.
After deduction of the sum from the already realized security, the final
sum in arrears calculated by CEZ amounts to CZK 1.5 billion and CEZ has
registered this sum within the framework of the insolvency proceedings
as its receivable.
In addition to the outcome of the pending insolvency proceedings, the
final effect of ME bankruptcy on the mid-term plan of the CEZ company
will be known as of 31 December 2011 and will be also affected by the
future development in electricity prices and the exchange rate CZK/EUR
and by the moment when CEZ will decide to sell the electricity failed to
be withdrawn by ME in the market.
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