Czech power company says its net profit reached $1.27 billion in 2023

PRAGUE — The Czech power company CEZ said Thursday its 2023 net profit reached 29.6 billion Czech crowns ($1.27 billion), down more than 63% from the previous year, which saw record profits.

The country’s main electricity producer attributed the decline to a windfall tax on profits introduced as prices for energy soared.

“Despite the extraordinary levy on excess revenues from generation, in 2023 we achieved the highest profit in the last 10 years, with the exception of the extraordinary year 2022,” CEZ chief executive said Daniel Benes said.

Still, CEZ said the profit exceeded its initial goal due to additional gains from commodity trading and reliable nuclear power plant production.

In 2022, the company’s profit soared on an enormous rise in prices caused by the Russian invasion of Ukraine, higher profits from commodity trading on foreign markets and high operational reliability in its power plants.

That resulted in record dividends of 145 Czech crowns per share.