CEZ Romania, the local subsidiary of Czech energy group CEZmanaged last year to preserve the revenues reported on the Romanianmarket in 2008, although energy consumption fell by 8.3% in Romaniabecause of the crisis and its effects on the industry.
The Czechs thus managed to make around 370 million euros (9.71billion Czech crowns) through former Electrica Oltenia, an energysupply and distribution company taken over in 2005. The results areslightly down against the 372 million euros (9.89 billion Czechcrowns) recorded in 2008, according to data in the annual report ofthe CEZ group.
Ever since the beginning of last year, Czechs at CEZ said thecrisis would not have a significant impact on the business they runin Romania for a simple reason: in the years that have passed sincetheir privatisation, the big clients in the portfolio of ElectricaOltenia, such as Alro Slatina, and Oltchim became part of theportfolio of other energy suppliers. After the onset of the crisis,and amid a significant decline in consumption of big industrialclients, CEZ remained unaffected, with a large share of energysales targeting smaller consumers. They include the population, asegment where energy consumption even saw a slight increase, amid arise in unemployment, which saw people spend more time at home andconsume more energy.
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