April 18 (Bloomberg) -- CEZ AS, the biggest power producer in the Czech Republic, rose for a second day after neighboring Germany signaled it will accelerate its exit from nuclear power.
The stock advanced as much as 1.3 percent and traded up 0.2 percent at 882.5 koruna as of 1:12 p.m. in Prague. CEZ has gained 13 percent so far this year.
Electricity for next-year delivery in Germany, where CEZ exports part of its output, rose 1.3 percent to 59.15 euros per megawatt-hour on April 15 after Chancellor Angela Merkel said she wants to speed up the country’s move away from nuclear power. The futures contract slid 0.5 percent to 58.85 euros today.
“Nuclear power plants are the cheapest energy sources,” Milan Vanicek, chief analyst at Atlantik FT brokerage in Prague, wrote in a report to clients today. “We expect a positive impact on electricity prices and CEZ’s shares.”
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