Czech energy firm announces price freeze
03 December 2008
An energy company in the Czech Republic has confirmed that it will keep prices on hold for a year in 2010.
The move from CEZ comes after the firm's decision to hike 2009's prices by ten per cent led to a heavy criticism from businesses, many of which are feeling the pinch of the global credit crunch.
Commenting on the move, the company said it hopes the price freeze will offer some respite to households and businesses throughout the downturn.
"This is the best plan from a long-term perspective," commented CEZ chief executive Martin Roman.
He added that it is attempting to look after its customers, because the company would inevitably make less money if they went bankrupt.
CEZ recently announced that during the third quarter of 2008, it saw a 46 per cent increase in year-on-year profits.
The company predicted that the global financial crisis would only have a marginal influence on its subsequent performance.
The move from CEZ comes after the firm's decision to hike 2009's prices by ten per cent led to a heavy criticism from businesses, many of which are feeling the pinch of the global credit crunch.
Commenting on the move, the company said it hopes the price freeze will offer some respite to households and businesses throughout the downturn.
"This is the best plan from a long-term perspective," commented CEZ chief executive Martin Roman.
He added that it is attempting to look after its customers, because the company would inevitably make less money if they went bankrupt.
CEZ recently announced that during the third quarter of 2008, it saw a 46 per cent increase in year-on-year profits.
The company predicted that the global financial crisis would only have a marginal influence on its subsequent performance.
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