CEZ to cut electricity,gas prices for some 2 million clients in 2024

Prague, Oct 23 (CTK) - The energy company CEZ will make electricity and gas cheaper for almost two million customers from the beginning of next year, but the final price of electricity will probably be increased by the state, CEZ told CTK today.

Households with an open-ended contract will pay more than a fifth less for electricity than at present, and the price of gas will fall by almost 30 percent, CEZ said.

Even so, electricity will probably become more expensive for consumers next year due to an expected increase in the regulated part of the price determined by the state.

CEZ, which is the country's largest electricity supplier with 2.73 million customers, has provided clients with an open-ended contract with energy at prices corresponding with the government ceiling this year. It has been fixed by the government at Kc6,000 per megawatt hour (MWh) of electricity including VAT and at Kc3,000 per MWh of gas for this year, plus distribution charges. At the end of this year, the government caps are likely to end.

The company has adjusted the prices of fixed products several times during the year, and from next year it will also make non-fixed products cheaper for customers.

Next year, CEZ will sell electricity to customers for Kc3,960 per MWh excluding VAT, and gas for Kc1,790 per MWh excluding VAT.

Further energy price cuts were also announced today by mining and energy firm Moravske naftove doly (MND). The price cuts will affect more than 170,000 customers and will take effect from this November. MND will offer gas at Kc2,289 per MWh including VAT, which is 11 percent less than the current price. Electricity prices will go down by 9 percent to Kc5,190 per MWh including VAT, MND spokeswoman Dana Dvorakova said in a press release. This is the third time this year that MND has reduced its basic price lists, cutting prices by tens of percent compared to the beginning of the year.

Company innogy will reduce electricity prices by 15 percent from December, which will apply to customers with an open-ended contract, that is approximately 50,000 clients. According to innogy, the average savings for households will be around Kc512 per MWh. Overall, the price for customers has fallen by more than half since the beginning of the year, said innogy retail head David Konvalina.

Electricity and gas have also been gradually reduced in price by other suppliers this year. Compared to the government price caps, prices of fixed and non-fixed products were gradually reduced, for example by E.ON, innogy, Prazska energetika, Prazska plynarenska, and Centropol. Most of them have not yet announced changes to their prices for next year.

vr/er