CEZ, the power utility formed by the Czech government in 1993, is partially privatized although the government stills owns a controlling two-thirds share of it.
While it is involved in electricity sales and production, telecommunications, information technology, nuclear research, mining, and construction and maintenance of power facilities, electricity is still its primary operation. That accounts for 93 percent of the company's CZK 125.1 billion revenue in 2005.
The company is one of Europe's 10 largest power companies. It operates in the Czech Republic, Bulgaria, Romania and Poland, and has trading agencies in Germany, Slovakia and Hungary.
A major part of CEZ's business strategy is to expand internationally through foreign acquisitions in central and southeastern Europe. Its 2005 annual report lists Bosnia-Herzegovina, Croatia, Slovenia, Macedonia and Moldova as target markets.
In a recent major acquisition, CEZ bought the coal power plant Varna from the Bulgarian government for €206 million. The Bulgarian market, with its flat demand, has not been as hotly pursued as others in the region. But some observers say the deal could prove a savvy one for CEZ when Bulgaria joins the European Union in 2007.