CEZ Falls to Lowest Since November as Electricity Price Tumbles

May 7 (Bloomberg) -- CEZ AS, the biggest Czech utility, fell for a fourth day, to its weakest in more than five months, as the electricity price declined to its lowest in 17 months.

The stock retreated as much as 2.5 percent, to its weakest intraday price since Nov. 29, before trading down 1.7 percent at 713 koruna by 12:37 p.m. in Prague. The PX equity index, in which CEZ has a 20 percent weighting, dropped 1.3 percent.

Commodities fell globally after elections in France and Greece showed voters rejecting austerity, while U.S. employers added fewer jobs than forecast, driving investors from riskier assets. Power for next-year delivery in Germany, where CEZ exports part of its output, declined 0.2 percent to 49.6 euros per megawatt-hour, the lowest price since December 2010.

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net