“Electricity and gas prices on stock exchanges fell during the covid epidemic and we managed to buy them more cheaply for our customers. We are thus fulfilling our promise that if prices on the stock exchanges stay lower for a longer period of time, our customers will also benefit, ”said Pavel Cyrani, Deputy Chairman of the Board of Directors and Director of CEZ’s Business and Strategy Division on Wednesday.
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According to the company, prices for sole proprietors and small businesses will also fall at the same level as for households from October.
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From November, ČEZ ESCO, which supplies electricity and gas to medium-sized and larger companies or the public administration, will also reduce the price to a similar extent. According to ČEZ, customers do not have to do anything to obtain a discount. In the case of so-called non-fixed products for an indefinite period, the price of electricity and gas will automatically decrease from 1 October. For fixed-term fixed products, the price is then updated on the date of contract extension.
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Analysts approached by ČTK before the holidays expected the autumn drop in electricity and gas prices for households before the heating season. The reason is the decline in prices on wholesale exchanges. According to them, exactly how much money people save depends logically on what they use the given commodity for.
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The price of electricity on the Prague Energy Exchange for 2021, which traders now stock the most, is currently less than 44 euros (approximately CZK 1,180) per megawatt-hour (MWh), down 16.3 percent year on year. The price of gas there then fell even more significantly year-on-year, by 28 percent to 14 euros (approximately 380 CZK) per MWh.
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Some suppliers have already announced a reduction in the price of gas. Its largest supplier in the Czech Republic, innogy, announced in early September that it would reduce its price to all customers by five percent from October. According to the company, a family that heats a house with natural gas and heats water will save about 1,500 crowns a year.
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Some other companies also plan to reduce the price – ČEZ announced that the price of its basic product will fall by 11 percent, while MND plans a general reduction in gas prices by about six percent in the upcoming heating season 2020/2021.
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With 2.8 million customers, ČEZ Prodej is the largest energy supplier in the Czech Republic. The company states that it is the leader among electricity suppliers and the number two among gas suppliers.
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“For all products, customers can already view the new price lists on our website. We are reducing prices for both electricity and gas before the upcoming heating season, so that customers can benefit as much as possible from this step, ”said Tomáš Kadlec, CEO of ČEZ Prodej, on Wednesday.
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