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Financial Analysis of ČEZ and Comparison with European Competitors.
Smetana, Juraj ; Boukal, Petr (advisor) ; Bučko, Jan (referee)
Goal of this Master's Theses was financial analysis of energy producer CEZ and finding reasons for increasing profits generated in last years. In the beginning I have defined standard set of financial indicators. Then I have analyzed the situation of the electricity market in the Central European region. Using the defined set of financial indicators I have analysed the consolidated financial statements of the company for years 2006-2009. Later on I have compared the findings with 2 European competitors of the company. I have discovered that thank to increasing market prices of the electricity after the Czech market has been liberalised, company has heavily increased the revenues and subsequently the return on equity. The management has changed the gearing of the company as it had only limited amount of debt. Thank to the leverage effect it further increased the return on equity. At the end I have analysed the impact of the state ownership of most of the shares with only limited effect on the profitability of the company.
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Public Utilities in the EU: Evaluation of Electricity Industry Regulation in the Czech Republic
Hába, Stanislav ; Němcová, Ingeborg (advisor) ; Horák, Jiří (referee)
The thesis scrutinizes public utilities (network industries) with focus on electricity market regulation. In the first part, a public utility is defined, including its economic characteristics and need for regulation. Within their regulation various models are introduced - in terms of level, voluntary/mandatory, ex ante/ ex post and branch of government. Further, the basic prerequisites for successful regulation are derived from the theory (independence, information capacity and trustworthiness). The second part is concerned only with electrical power industry with its characteristics, business model and regulation (both in the Czech Republic and in the EU). In the third part, an evaluation scorecard is created, which allows us to examine the quality of electricity regulators. The criteria in the scorecard are based on prerequisites (enforcement power, scale of resources, independence, dispute settlement, appeal procedure, transparency and consistency) and results (competition support, renewable energy resources and consumer protection). The model is applied to Energy Regulatory Office (Energeticky regulacni urad) in the Czech Republic.
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Comparison of Nuclear Energy Policy in the Czech Republic and France
Loiseau, Jean-Camille ; Šauer, Petr (advisor) ; Dvořák, Antonín (referee)
This paper studies the nuclear technology and evaluates the most likely technical developments to come until 2030. It examines the features of Czech and French nuclear programs, compares the structures of nuclear sectors and estimates the advantages & drawbacks of further developments in both countries. The paper assesses if certain developments of the nuclear sector in one country can be used in the other country and vice-versa. Finally, proposes a set of recommendations for both countries regarding the development of their nuclear program.
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Analysis of the Liberalized Market with Electricity in the Czech Republic
Pavlíček, Martin ; Zámečník, Petr (advisor) ; Vácha, Vladimír (referee)
This paper deals with market with the electricity in the Czech Republic after it has undergone a process of liberalization. The issue of the whole market is viewed from the perspective of households. The work focuses on the liberalization process and its legislative background. Furthermore, it gives a detailed view of individual participants in this market and examines how they impact on residential customers. After a detailed examination of the different components of electricity prices, is paper focused on a comparison of quotations of selected suppliers in the years 2006 - 2011. The work also highlights other aspects that are important when selecting suitable supplier of electricity to retail customers. The paper thus gives a comprehensive view of the liberalized electricity market in the Czech Republic, provides instructions on how to orientate on the market and how to choose the right supplier of electricity to your household.
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Trader`s risks in wholesale energy market
Martinec, Adam ; Paholok, Igor (advisor)
Bachelor thesis focuses on analysis of risks borne by traders in wholesale energy market. It describes position of traders in energy exchange and OTC electricity market. It determines size of four basic financial risks (credit risk, market risk, liquidity risk and operational risk) depending on kind of the market. The last part of the thesis is dedicated to the determination of circumstances favoring the Power Exchang Central Europe over the OTC market, using the implementation of Credit Value Adjustment.
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Energetics in Visegrad Group
Horák, Lukáš ; Černá, Iveta (advisor) ; Čajka, Radek (referee)
Main purpose of this thesis is to find out how self sufficient concerning the energy raw materials are countries within Visegrad group. Further purpose of my thesis is to analyse total primary energy supply, the structure of energy supply in countries of Visegrad group and its developments in last 4 decades. Furher I want to reveal how the structure of total primary energy supply and structure of electricity generation reflect the disponibility of raw materials in these countries and transformation of economics in the nineties. A sub-objective of my work will examine how countries of the Visegrad Four use the potential of renewable energy sources and how they support it.
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sustainability through international expansion: a case study from the energy sector
Nosek, Niklas ; Jaklová, Martina L. (advisor) ; Hnilica, Jiří (referee)
The thesis analyzes internationalization strategies and processes that were used by major German electricity companies during their transition from purely national companies to some of the world's largest electricity corporations with operations in many different countries. The paper starts out by outlining theoretical elements that are available to companies in general and then provides an in-depth analysis of the internationalization that Germany's major Electricity companies went through after the liberalization of German and European electricity markets. Based on this, the thesis then identifies key internationalization patterns in the German electricity industry and, by taking into account future developments, provides factors that will influence further internationalization strategies in the segment.
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Impact of The Ecological Taxes on Public Budgets and Consumption of Taxed Products in The Czech Republic
KUNCOVÁ, Alena
This master thesis deals with the influence of installation of ecological taxes upon public budgets. The aim is to review, whether collecting of ecological taxes caused reduction of consumption of the taxed fuel and energy. The comparative method is used here to compare the budget and the real payment of the ecological taxes in 2008 and 2009 in the Czech republic. The well-arranged tables and graphs show the comparison of the consumption of the fuel and energy since 2005 to 2009. The result of the research shows, that the collecting of the ecological taxes did not reach the expected amount, so the planned budget was not filled up. The consumption of the fuel and the energy in 2008 and 2009 decreased as expected, but it is impossible to appoint safely, whether the decrease was caused by the implementation of the ecological taxes to the czech legislature.
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Innovated set for demonstrative experiments from electronics
VAŠÍČEK, Petr
The first part of this thesis is focused on the advantages of using the experiments during the physics education and their educational values. Furthermore, some types of experiments, their correct metodology of implementation and some other aspects which should be given an appropriate attention by the teacher are theoretically described. Then, some types of demonstrational sets and their brief history are described. The attention is aimed at the demonstrational set of DIDAKTIK, its content and composition. One chapter is devoted to the research of schools equipment for using the demonstrational experiments of electricity and magnetism and their evaluations. The last part deals with some experiments which can be made within this set, their documentation and evaluation. Further, there were worksheets created for some of these experiments. Two of these sheets were used among primary schools for didactic exploring and the reasults were evaluated.
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Physical practicum - electronic support of education
GRILL, František
This thesis is concerned with promoting physical education practicum course. The first section describes the basic knowledge, skills and detailed instructions for creating and processing of measurement reports. The second part is divided into the different roles of physics - Mechanics and thermodynamics, Electricity and magnetism, Oscillations, waves and optics, Electronics, Atomic physics and Special measurements. The third section provides a brief description of the created web sites, their organization and content.
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