CEZ to invest $798 mln in renewables, emissions

...reduction of carbon dioxide (CO2) emissions, the company said on Friday.

The dominant Czech power producer said it aimed to triple its output from renewable sources by 2020 compared with 2005, to 5.1 TWh, and cut greenhouse emissions by 15 percent per MWh in that year.

It also plans to invest in carbon dioxide emission reduction schemes abroad in order to save 30 million tonnes of CO2.

"The wind energy potential can be tapped the fastest thanks to the accessibility of the technology," CEZ said.

"From the strategic point of view, we will also devote attention to purpose-grown biomass and securing its supply on an industrial scale," it said.

CEZ said it aimed to raise wind plant capacity to 100 MW in 2012 and 500 MW in 2020.

The firm had earlier announced it would invest 20 billion in wind energy alone over the next 15 years.

CEZ makes most of its electricity from coal and nuclear power. It is planning to renew most of its ageing coal plants, and is considering a new nuclear power station but that plan is on ice due to a government pledge not to push ahead with atomic power for now.

Renewable energy represents only a fraction of CEZ's output, and mainly comes from water dams.

In 2006 CEZ generated a total of 62 TWh of electrical power last year, out of which just 2.3 percent was made out of renewable resources.

The 68 percent state-owned CEZ is the biggest central European power firm. The government is planning to sell a 7 percent stake in CEZ on the bourse later this year.