CEZ aims for 10% of electricity market

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CEZ, the Czech Republic's biggest energy company, aims in the medium-term to control at least 10% of Hungary's deregulated electricity market, Gábor Hornai, managing director of CEZ's Hungarian unit said yesterday at the unit's inauguration.

So far, the unit has struck just a few deals, with maturities of a few months. Later, the company aims to sign longer contracts, for bigger volumes, Hornai said. The unit will serve as a bridge to new markets in the Czech Republic, Poland, and Slovakia, as well as established markets in Romania and Bulgaria, CEZ president-CEO Roman Martin said. He added that the Czech Republic is the second-biggest electricity exporter in Europe after France. In addition to selling electricity, the new Hungarian unit will look out for acquisitions as well.

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