Czech Point: ČEZ SLB observation date approaches

2024 data suggests progress has slowed, with the emissions intensity level flat at 0.27 tCO₂e/MWh, just shy of the target. While ČEZ’s 2025 projections assume historically high nuclear utilization, which could see the company achieve the target level.

The bond appears to trade wide to the curve, suggesting investors may be underappreciating the potential step-up or the uncertainty around ČEZ’s path to target.

About the authors

Emiel Loh

Emiel was formerly a Research Analyst at AFII.

Josephine Richardson

Managing Director, Head of Research

Based in London, Jo leads AFII’s research and a global team supporting fixed income investors as they align their portfolios with climate and sustainability goals. She joined AFII after 18 years in fixed income markets at JPMorgan.