Czech utility ČEZ must invest in PV not nuclear to catch up in energy transition: IEEFA

• The Czech Republic's biggest utility, ČEZ Group, ought to scale up its residential solar PV portfolio over the next decade instead of going after new nuclear reactor, the Institute for Energy Economics as well as Financial Analysis (IEEFA) has claimed.

An immediate and also constant financial investment in solar from the company would add much-needed renewables capacity, "transform ČEZ Group from laggard to leader" in renewables manufacturing domestically and achieve both Czech and also European Union climate targets, the think tank said in a new report.

As part of a method revealed last year to decarbonise its power generation, ČEZ intends to construct 6GW of renewables by 2030, terminate coal by 2033 and construct a new nuclear power plant by 2037.

IEEFA, which claimed the utility is currently "playing catch-up on renewable resource", cautioned that the proposed nuclear center "can result in a downgrade" of ČEZ's credit score, specifically provided the probability of construction delays and expense overruns.

Rather, the brain trust stated the bulk state-owned ČEZ "must strongly dedicate to buying new, large-scale solar PV capacities, which would certainly supply better value to the business, its investors and Czech taxpayers".

" The decarbonisation plan's monetary dangers exceed its benefits for ČEZ and Czechia's residents," said Mihaela Grubišić Šeba, an energy finance analyst at IEEFA Europe. "Our searchings for suggest it might be more efficient to be a lot more hostile on utility-scale solar photovoltaics than prepared, which would certainly be extra cost-efficient in the context of the company's proposition."

ČEZ's efforts to reinforce its presence in Europe's solar industry saw its Elevion renewables equip total the acquisition solar EPC as well as O&M company Belectric from German energy company RWE last month.

However domestically, IEEFA said the company has actually failed to develop a base of renewables generation over the last decade, as well as rather relies upon its ageing coal and also nuclear fleet.

Heightened solar PV financial investment from ČEZ would not jeopardise the Czech Republic's electricity security, IEEFA claimed, because of power offered from existing nuclear power plants, extra hydro potential and also the accelerated advancement of battery storage space innovation.