ČEZ Group acquires a 55.21% stake in GasNet

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Czech utility group ČEZ acquired a 55.21 per cent stake in GasNet, the leading gas distribution infrastructure operator based in the Czech Republic. Natural gas and later also hydrogen, will play a key role in the future development of the Czech economy. Through this acquisition, ČEZ Group is securing a strategic position in the transformation of the Czech heat generation industry and its transition away from coal-powered energy generation towards natural gas and later hydrogen. The ownership stake being sold is currently managed by Macquarie Asset Management, acting on behalf of managed funds. The completion of the transaction is subject to approvals by the European Commission and the Czech Ministry of Industry and Trade.

“ČEZ has announced an extensive energy modernisation initiative, with ambitious goals in green and low-emission energy for 2030 as part of its Clean Energy for Tomorrow strategy,” said Daniel Beneš, Chairman of the Management Board and CEO of ČEZ. “In the realm of power generation, we focus on renewable resources and nuclear power; in the heat and power generation sector, on biomass and natural gas, which will be serving as a transitional fuel for the energy transformation. We’ve already acquired a significant capacity in two liquified gas terminals in Germany and the Netherlands and this acquisition of the country’s largest gas distribution system operator will further strengthen our position within the gas market. We are acquiring assets important for the transition of the Czech heat and power generation sector to hydrogen; while increasing the proportion of regulated business within our portfolio for the benefit of our shareholders.”

With the acquisition of the majority stake in GasNet, ČEZ also fulfils its business plan in the area of gas distribution, which constitutes a part of the ČEZ Business Concept approved at the company’s general meeting.

The GasNet Group manages a network of 65,000 kilometres of gas pipelines and holds an approximately 80 per cent share in the distribution of natural gas in the Czech Republic, serving approximately 2.3 million points of consumption and distributing 66 terawatt-hours (TWh) of gas every year.

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