The Czech energy company ČEZ announced record profits for 2022, with a net profit of 80.7 billion Czech crowns, up from 9.9 billion in the previous year. The company attributes the significant increase in profit to the rise in commodity prices and the high reliability of its power plants. In addition, the company benefited from the Russian invasion of Ukraine, which led to a surge in energy prices.
ČEZ CEO Daniel Beneš expressed excitement over the record profits, stating, “The profit achieved in 2022 indicates a record dividend for shareholders. If the dividend is set at the upper limit of the dividend policy range, CZK 63 billion would be distributed among shareholders. For the majority shareholder, the Czech Republic, this would mean an income of CZK 44 billion.”
However, the year was challenging, as the energy crisis negatively impacted the company’s sales. ČEZ’s Sales division, which supplies electricity and gas to households in the Czech Republic, experienced a 22% year-on-year decline in operating profit due to the high energy cost and the need to cover fluctuations in customer consumption.
Despite these challenges, ČEZ’s nuclear power plants achieved record production levels of 31 terawatt hours. Renewable energy production declined by 13% due to adverse weather conditions and a decrease in biomass production. Coal production in the Czech Republic also declined by 3% due to extended power plant outages.