CEZ Group, one of the largest energy utilities in Europe, reported mixed Q1 performance in terms of output along with a surge in capital expenditures, according to its earnings report published on on Thursday.
The Czech Republic-based conglomerate reported a 4% year-over-year drop in electricity output, at 13.8 terawatt-hours, primarily due to relatively long planned outages at its Temelin nuclear power plant, as it transitioned to a longer fuel cycle.
Meanwhile, output at its Pocerady combined-cycle power plant, which is natural gas-fired, surged 50% from the prior year, helping partially offset the decline in its nuclear output.
On the distribution front, electricity was up 4% during the same period, at 9.9 TWh, while gas distribution stood at 25.5 TWh, an increase of 8% from last year, which the company attributed to colder weather conditions this past winter.
The company's capital expenditures during Q1 stood at 15.7 billion Czech Koruna ($760 million), up 130% from the prior year, largely tied to long-term energy infrastructure and decarbonization initiatives.