Energy Prices on the Decline: Major Suppliers Adjusting Offers

In recent months, the energy market has seen a significant decrease in electricity and gas prices. Some of the Czech Republic’s major suppliers have begun to react to this change. Starting mid-February, the ČEZ company will reduce their fixed product cost by several hundred crowns per megawatt-hour (MWh). Similarly, innogy has also been gradually decreasing its prices. Other suppliers await further price drops before adjusting, as they had previously bought products in advance at higher prices.

ČEZ will reduce its fixed electricity and gas tariffs from Monday, with prices expected to decrease each year, just like last year gradually. “We continue our strategy of reflecting the drop in wholesale energy prices into our price lists for our customers this year, resulting in another major discount. We will reduce fixed product prices by an average of 12 percent for electricity and gas,” said Tomáš Kadlec, General Director of ČEZ Sales.

The most common D02d electricity tariff will be reduced by an average of approximately 480 crowns per MWh for a three-year fixation. For a three-year fixation, the first year will cost 3590 CZK per MWh, the second year will be cheaper by 300 CZK, and the third year will cost 2890 CZK per MWh. For gas, the average drop will be 220 CZK per MWh.

Innogy is also reacting to the current market trend. “For example, we revise gas price lists monthly, and since February, we have reduced gas prices for new and existing customers in the order of hundreds of crowns per MWh. In addition, we are preparing a new campaign for the coming days, in which we will introduce attractive news for customers who switch to innogy with gas or electricity supply,” said spokesperson Pavel Grochál, declining to comment further on the details.

On the other hand, the Prague Energy Company (PRE) is not currently planning to adjust its price lists. “We have been reducing the price of products for most of our customers since September last year, and we have entered the new year with these prices,” said spokesperson Karel Hanzelka.