- Hans Weber
- August 16, 2024
Czech Republic / Acquisition Of Škoda JS From Russia Solves ČEZ’s Sanctions Problem
Czech utility and nuclear operator ČEZ has completed its 100% purchase of Škoda JS from Russian heavy industry and manufacturing conglomerate OMZ, alleviating the risk of sanctions on crucial components for the Czech nuclear fleet.
ČEZ said the purchase of Škoda JS, which offers nuclear servicing and engineering, would protect the company from sanctions which could have a potential impact on securing supplies for its nuclear power plants.
Škoda JS was a part of the industrial giant founded in 1859 by Emil Škoda – which also gave rise to the well-known automaker of the same name – but since 2004 it has been part of OMZ, which is controlled by privately owned Gazprombank.
This put the company at risk of sanctions related to Russia’s invasion of Ukraine.
Škoda has been working with ČEZ for many years, including in the area of nuclear fuel and maintenance of the primary circuit of nuclear power plants.
The acquisition of Škoda JS also saw ČEZ increase its stake in the UJV Řež research facility, near the southern Czech town of Husinec, from 52.46% to 69.85%. Engineering, procurement and construction company Škoda Praha is a subsidiary of the UJV Group.
ČEZ has six commercial reactor units at the Dukovany and Temelín nuclear sites. It is also planning to deploy new nuclear power capacity in the 2030s, both large-scale at Dukovany and small modular reactors at Temelín.
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