Region: CEZ closing most coal-fired TPPs by 2030

, SEE Energy News

Cutting the share of coal in its energy production mix to 12.5 % from 36 % last year, Czech energy company CEZ, in which the state holds 70 % stake, said it aims to shut down most of its coal-fired power plants by 2030.

The Czech largest energy company said that it would boost renewables, mainly in the form of solar, and continue to operate and build new nuclear capacity as well as gas-fired power plants that will be prepared to mix hydrogen with natural gas.

CEZ CEO Daniel Benes said that decarbonization goals have not only become stricter in Europe, but also in other parts of the world, which is also why the company has accelerated its strategy and continue to adapt its corporate governance to a rapidly changing environment in order to continue creating long-term sustainable values that are key for the whole of society.

CEZ said it will cut coal-fired electricity generation to 25 % of its capacity by 2025, while it plans to build new renewable capacities of 1.5 GW by 2025 and 6 GW by 2030. This strategy would help the company reach financial goals of growing EBITDA among its strategic assets by at least 40 % to 4.1 billion euros in 2030.

CEZ plans to keep its three modernized coal-fired power plants – Tusimice, Prunerov and Ledvice – for the longest among those in its existing portfolio but was not yet clear how much they will be utilized or when exactly shut down. It also plans a tender for the construction of 1,200 MW unit at its nuclear power station Dukovany, as well as looking at next-generation smaller modular reactors when the technology becomes available.