The state will lend to large energy companies for deposits in exchange for cheaper electricity or gas

The Minister of Industry and Trade, Jozef Síkela (for STAN), said that he had approved a loan to the EPH holding and the Sev.en Energy group for the deposits that these energy companies must make on the gas and electricity exchange. In exchange, he will demand, for example, cheaper gas for heating. He said this on Sunday in Otázky Václav Moravec.

According to Síkela, the loans will help strengthen stability in the energy market. “Even the biggest traders in the world don’t have enough liquidity to sell right now,” he explained. According to him, companies cannot offer electricity for sale because they do not have enough money for deposits that guarantee sales. At the same time, the minister wants to discuss pan-European guarantees in the EU field.

Reserves are currently at record highs due to high energy prices. “Our group has billions of euros in them,” Jiří Feist, a member of the board of directors of the EP Power Europe group from the EPH holding, told the Seznam Zprávy server this week. The group of businessman Daniel Křetínský asked the state for support similar to that received by ČEZ. Billionaire Pavel Tykač’s company Sev.en Energy has also confirmed its interest in state aid with the payment of stock exchange guarantees.

Deposits, so-called margins, are required by the exchange as protection for electricity traders. Their amount depends on the price of electricity, which is currently extremely high.

Government assistance

The government promised to set aside 66 billion crowns to help households and companies with high energy prices. Síkela announced this week that he will propose to the government an increase in this year’s aid to households. He wants to focus mainly on vulnerable customers, thus accelerating the definition of these customers.

Síkela also stated that he will try to bring peace to society by explaining what solutions the government is preparing. “I will explain even more without embellishment what kind of situation we are in, and the fact that we have instructions on how to solve the situation,” said the minister. He added that the economic point of view was superior to the political point of view and so far he had tried to focus not only on urgent matters, but especially important ones, which included the reduction of the Czech Republic’s dependence on gas from Russia. According to the minister, everything else was not so critical for the Czech Republic.

The article is in Czech

Tags: state lend large energy companies deposits exchange cheaper electricity gas

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