Worst part of energy crisis over, prices to drop further - CEZ

Prague, March 21 (CTK) - The worst part of the energy crisis is over as the market has stabilised faster than expected, and market energy prices will continue to fall, which end customers will experience gradually, semi-state energy group CEZ board deputy chairman Pavel Cyrani said at today's press conference.

In particular, Cyrani pointed to a fall in energy prices on the commodity exchange, where the wholesale price of electricity has fallen to EUR135 (about Kc3,240) per megawatt hour (MWh), excluding VAT, in recent weeks. Gas prices have today fallen below EUR40 (about Kc959) per MWh, the lowest since July 2021.

The situation calmed down mainly thanks to the rapid replacement of Russian gas from other sources and the production of electricity from non-gas sources, according to Cyrani.

Customer savings and the levels of storage tanks also played a part, he added.

The outlook for filling gas stocks next year is favourable, Cyrani said.

Customers with open-ended contracts will probably see lower prices next year, according to Cyrani.

Other companies are also gradually reducing electricity and gas prices below the government price cap.

hja/er/tam

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