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

The Czech power company CEZ says 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 has attributed the decline to a windfall tax on profits introduced as prices for energy soared. It was still the highest profit in the last 10 years except for 2022. CEZ says the profit exceeded its initial goal due to additional gains from commodity trading and reliable nuclear power plant production.