Report: CEZ, a.s. Nuclear Operational Analysis TOC

1 Table of Contents 2
1.1 List of Tables 6
1.2 List of Figures 7
2 Company Snapshot 8
2.1 Key Information 8
2.2 Company Overview 8
2.3 Financial Performance 8
2.4 Industry Outlook - Nuclear 8
3 CEZ, a.s. Nuclear Operational Analysis 10
3.1 CEZ, a.s. Operable Commercial Reactors 10
4 Reactor Details 11
4.1 Rector Details, Dukovany 1 11
4.2 Rector Details, Dukovany 2 13
4.3 Rector Details, Dukovany 3 16
4.4 Rector Details, Dukovany 4 19
4.5 Rector Details, Temelin 1 21
4.6 Rector Details, Temelin 2 24
5 Business Description 27
5.1 Business Overview 27
5.2 Major Products and Services 28
5.2.1 Overview 28
6 History 29
7 SWOT Analysis 30
7.1 CEZ, a.s. Strengths 30
7.1.1 Strong financial performance 30
7.1.2 Market Position 30
7.1.3 Corporate awards 30
7.2 CEZ, a.s. Weaknesses 30
7.2.1 Overexposure to the Central Europe segment 30
7.3 CEZ, a.s. Opportunities 30
7.3.1 Environmental concern 30
7.3.2 Strategic investments 31
7.4 CEZ, a.s. Threats 31
7.4.1 Rising fuel prices 31
7.4.2 Stringent regulations 31
7.4.3 Market liberalization 31
8 Competitors 32
9 Key Employees 33
10 Key Employee Biographies 34
11 Company Statement 35
12 Locations And Subsidiaries 36
12.1 Head Office 36
13 Financial Deals Landscape 37
13.1 CEZ, a.s., Deals Volume Summary, 2004 to YTD 2009 37
13.2 CEZ, a.s., Deals Summary By Region, 2004 to YTD 2009 38
13.3 CEZ, a.s., Deals Summary, 2004 to YTD 2009 38
13.4 CEZ, a.s. Detailed Deal Summary 39
13.4.1 Rumored Deals 39
13.4.2 Asset Purchase 40
13.4.3 Acquisition 43
13.4.4 Debt Offerings 50
13.4.5 Partnerships 51
14 Recent Developments 56
14.1 New Contracts 56
14.1.1 Nov 27, 2008: EnergoNuclear To Build Reactor 3 And 4 At Cernavoda Nuclear Power Plant 56
14.1.2 Oct 31, 2008: SKODA Signs Contract With CEZ For New Drives At Temelin Nuclear Power Plant 56
14.1.3 Feb 01, 2007: CEZ Signs Contract With KESH To Deliver Electricity To Albania 57
14.1.4 Jan 30, 2007: Siemens Bags I&C Upgrade Order From CEZ 57
14.2 Operations Updates 57
14.2.1 Nov 27, 2008: CEZ Restarts Its Unit 2 At Temelin Nuclear Power Plant 57
14.2.2 Dec 14, 2007: CEZ Provides Production Updates For First Nine Months Of 2007 58
14.2.3 Apr 24, 2007: CEZ Provides Production Update From Biomass For Q1 2007 58
14.3 Financial Announcements 59
14.3.1 Nov 13, 2008: CEZ Reports 3Q 2008 Results 59
14.3.2 Aug 14, 2008: CEZ Declares 1H 2008 Results 61
14.3.3 May 15, 2008: CEZ Reports Q1 2008 Results 62
14.3.4 Feb 25, 2008: CEZ Reports 2007 Results 62
14.3.5 Nov 15, 2007: CEZ Declares Nine Months 2007 Results 64
14.3.6 Aug 13, 2007: CEZ Declares H1 2007 Results 65
14.3.7 May 17, 2007: CEZ Declares Q1 2007 Results 66
14.3.8 Feb 23, 2007: CEZ Reports 2006 Results 68
14.4 Strategy and Business Planning 68
14.4.1 Dec 17, 2008: CEZ To Construct New Nuclear Plant In Slovakia 68
14.4.2 Jul 14, 2008: CEZ Unveils Plans To Build Two New Units At Its Temelin Nuclear Power Plant 68
14.4.3 Mar 06, 2008: CEZ Views Investments In Renewable Energies In Austria 69
14.4.4 Mar 05, 2008: Iberdrola Consortium To Build 2 Nuclear Plants In Romania 69
14.4.5 Jan 21, 2008: CEZ Places Bid For Construction Of New Unit In Borzesti 69
14.4.6 Jan 14, 2008: CEZ Places Bid For Modernization Of Plant In Galati, Romania 69
14.4.7 Oct 25, 2007: CEZ Places Bid For A Partner In Romanian Nuclear Plant Cernavoda 70
14.4.8 Aug 07, 2007: CEZ To Construct Power Plant In Moscow 70
14.4.9 Mar 15, 2007: CEZ Enters Into Scandinavian Exchange, Nordpool 70
14.5 Other Significant Developments 71
14.5.1 Aug 17, 2008: CEZ To Buy Carbon Credits From Biomass Power Plant In China 71
14.5.2 Jul 04, 2008: CEZ Plans To Invest EUR800 Million In Wind Farm 71
14.5.3 May 22, 2008: CEZ Elects Vice Chairman 72
14.5.4 May 21, 2008: CEZ Elects New Board Member 72
14.5.5 Apr 14, 2008: CEZ Plans To Invest CZK5.5 Billion In Renewable Sources By 2012 72
14.5.6 Jan 10, 2008: CEZ, USSK Sign MoU 72
14.5.7 Nov 05, 2007: CEZ Appoints CEO For Its Unit CEZ Distribuce 73
14.5.8 Oct 09, 2007: CEZ Supplies Electricity To Greece 73
14.5.9 Oct 09, 2007: CEZ Vice Chairman To Resign 74
14.5.10 Oct 01, 2007: CEZ Files Lawsuit Against Mostecka Uhelna 74
14.5.11 Jul 12, 2007: CEZ Appoints Head Of Investor Relations 74
14.5.12 Jul 02, 2007: CEZ Appoints New Director For Its Sprava Section 75
14.5.13 Jun 25, 2007: CEZ Appoints Director, Construction And Development 75
14.5.14 May 18, 2007: CEZ Appoints COO 75
14.5.15 Jan 16, 2007: CEZ Delivers Electricity To Kraft Foods' Companies In Europe 75
15 Appendix 77
15.1 Methodology 77
15.2 About Global Markets Direct 77
15.3 Contact Us 77
15.4 Disclaimer 77

1.1 List of Tables
Table 1: CEZ, a.s.,Key Facts 8
Table 2: Operable Commercial Reactors 10
Table 3: Reactor Details, Dukovany 1 11
Table 4: Reactor Details, Dukovany 2 13
Table 5: Reactor Details, Dukovany 3 16
Table 6: Reactor Details, Dukovany 4 19
Table 7: Reactor Details, Temelin 1 21
Table 8: Reactor Details, Temelin 2 24
Table 9: CEZ, a.s., Key Employees, 33
Table 10: CEZ, a.s., Deals Summary, 2004 to YTD 2009 37
Table 11: CEZ, a.s., Deals Summary by Region, 2004 to YTD 2009 38
Table 12: CEZ, a.s., Deals Summary, 2004 to YTD 2009 38
Table 13: Czech To Acquire 33% of Kaliningrad 39
Table 14: Good Energies Sells 600 MW Wind Farm Projects To CEZ 40
Table 15: CEZ Acquires Fantanele and Cogealac Wind Farms From Continental Wind 41
Table 16: CEZ acquires Varna Power Station 42
Table 17: CEZ Power Acquires Elektrocieplownia Elcho From PSEG 43
Table 18: CEZ Acquires 39.04% stake In Severoceska Energetika From Segfield Investments 44
Table 19: CEZ Power Acquires Electrica Oltenia 45
Table 20: CEZ Power Acquires Elektrownia Skawina From PSEG 46
Table 21: CEZ Power Acquires 28.72% Stake In Skoda Praha 47
Table 22: CEZ Acquires Three Distributional Companies In Bulgaria 48
Table 23: CEZ Power Sells Interest In Prazska energetika To J&T Group 49
Table 24: CEZ Completes Private Placement Of Bonds For $342.35 Million 50
Table 25: MOL Forms Joint Venture With CEZ 51
Table 26: CEZ Power Forms A Joint Venture With Nuclearelectrica 52
Table 27: CEZ to form joint venture with ERS and Rudnik 53
Table 28: Iberdrola To Form Joint Venture With Nuclearelectrica, Enel, RWE, Electrabel, CEZ And Arcelor Mittal 54
Table 29: CEZ To Form Joint Venture With Electrocentrale 55

1.2 List of Figures
Figure 1: CEZ, a.s. Capacity Distribution 10
Figure 2: CEZ, a.s., Deals Volume Summary, 2004 to YTD 2009 37