{"id":134221,"date":"2026-06-30T14:20:09","date_gmt":"2026-06-30T14:20:09","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/134221\/"},"modified":"2026-06-30T14:20:09","modified_gmt":"2026-06-30T14:20:09","slug":"zestatnit-vyrobu-cez-je-spravne-i-kdyz-to-chce-babis","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/134221\/","title":{"rendered":"Zest\u00e1tnit v\u00fdrobu \u010cEZ je spr\u00e1vn\u00e9, i\u00a0kdy\u017e to chce Babi\u0161"},"content":{"rendered":"

Skupina ekonom\u016f\u00a0\u2013 mezi nimi p\u0159edseda N\u00e1rodn\u00ed rozpo\u010dtov\u00e9 rady vl\u00e1dy Mojm\u00edr Hampl, b\u00fdval\u00fd guvern\u00e9r \u010cNB Zden\u011bk T\u016fma, b\u00fdval\u00fd premi\u00e9r Zemanovy vzdorovl\u00e1dy Ji\u0159\u00ed Rusnok a\u00a0nap\u0159\u00edklad tak\u00e9 b\u00fdval\u00fd \u0159editel \u010cEZ z\u00a0po\u010d\u00e1tku stolet\u00ed Jaroslav M\u00edl\u00a0\u2013 sepsala dopis premi\u00e9rovi, ve kter\u00e9m si st\u011b\u017euj\u00ed, \u017ee pl\u00e1novan\u00e9 zest\u00e1tn\u011bn\u00ed \u010cEZ by byla podle nich velk\u00e1 chyba (tady je cel\u00fd text petice<\/a>).<\/p>\n

Je to pr\u00fd moc drah\u00e9, \u010cEZ funguje dob\u0159e, stav\u011bt nov\u00e9 elektr\u00e1rny se d\u00e1 i\u00a0s\u00a0men\u0161inov\u00fdmi akcion\u00e1\u0159i apod., ale nebudeme to zde zjednodu\u0161ovat, a\u0165 si to p\u0159e\u010dte ka\u017ed\u00fd s\u00e1m.<\/p>\n

Za\u010dn\u011bme t\u00edm, jak se o\u00a0tom p\u00ed\u0161e, co je v\u00a0medi\u00e1ln\u00edch titulc\u00edch. To m\u00e1me sam\u00e9 (na\u0161t\u011bst\u00ed ne v\u0161ude) \u201eexperti varuj\u00ed\u201c, \u201eexperti m\u00edn\u00ed\u201c a \u201eekonomov\u00e9 varuj\u00ed\u201c.<\/p>\n

Jac\u00ed experti? Experti na energetiku? Experti na obchodn\u00ed pr\u00e1vo? Experti na cokoliv ekonomick\u00e9ho? Pokud by snad \u0161lo o\u00a0experty na energetiku, tak to, \u017ee jste ekonom \u010di makroekonom, z\u00a0v\u00e1s \u017e\u00e1dn\u00e9ho experta na energetiku opravdu ned\u011bl\u00e1. Jaroslav M\u00edl je zase b\u00fdval\u00fd mana\u017eer a\u00a0expert na energetiku, ale pro zm\u011bnu to ur\u010dit\u011b nen\u00ed \u017e\u00e1dn\u00fd ekonom atd.<\/p>\n

Na \u00favod bych asi \u0159ekl, \u017ee se mi osobn\u011b nel\u00edb\u00ed v\u011bt\u0161ina krok\u016f a\u00a0politiky t\u00e9to vl\u00e1dn\u00ed koalice. Vad\u00ed mi nejasn\u00e1 pozice ohledn\u011b pomoci Ukrajin\u011b. Lav\u00edrov\u00e1n\u00ed ohledn\u011b obrann\u00fdch v\u00fddaj\u016f, rozpr\u00e1\u0161en\u00ed agendy z\u00e1vislost\u00ed, zmaten\u00fd mikromanagement, kam se pod\u00edv\u00e1\u0161. Pl\u00e1n a\u00a0harmonogram zest\u00e1tn\u011bn\u00ed \u010cEZ je ale skoro to jedin\u00e9, co tato vl\u00e1da d\u011bl\u00e1 spr\u00e1vn\u011b. Snad krom\u011b politiky v\u016f\u010di Izraeli, kterou osobn\u011b schvaluji\u00a0tak\u00e9. P\u00e1nov\u00e9 Plaga a\u00a0Vojt\u011bch jsou nav\u00edc dob\u0159\u00ed minist\u0159i, ale kdy\u017e je pochv\u00e1l\u00edm j\u00e1, tak jim t\u00edm tedy moc nepomohu.<\/p>\n

Dokonce si vl\u00e1da v\u010detn\u011b premi\u00e9ra ohledn\u011b rozd\u011blen\u00ed \u010cEZ zachov\u00e1v\u00e1 discipl\u00ednu a\u00a0zbyte\u010dn\u011b se nerozkec\u00e1v\u00e1. Akcie \u010cEZ jsou ve\u0159ejn\u011b obchodovateln\u00e9 a\u00a0n\u011bjak\u00e9 ve\u0159ejn\u00e9 p\u0159em\u00fd\u0161len\u00ed a\u00a0obvykl\u00e9 tlach\u00e1n\u00ed o\u00a0nesmyslech se se zodpov\u011bdnost\u00ed nejv\u011bt\u0161\u00edho akcion\u00e1\u0159e neslu\u010duje. A\u00a0dob\u0159e \u017ee to vl\u00e1da v\u00ed.<\/p>\n

V\u016fbec nejd\u016fle\u017eit\u011bj\u0161\u00ed skute\u010dnost je, \u017ee p\u00e1nov\u00e9 petenti si asi nev\u0161imli, \u017ee o\u00a0zest\u00e1tn\u011bn\u00ed a\u00a0rozd\u011blen\u00ed \u010cEZ u\u017e bylo rozhodnuto na ned\u00e1vno prob\u011bhl\u00e9 valn\u00e9 hromad\u011b skupiny. Bylo u\u017e rozhodnuto o\u00a0rozd\u011blen\u00ed firmy a\u00a0vzniku dce\u0159in\u00e9 spole\u010dnosti. Jedin\u00fdm d\u016fvodem\u00a0rozd\u011blen\u00ed spole\u010dnosti je, \u017ee m\u00e1 b\u00fdt zest\u00e1tn\u011bna v\u00fdrobn\u00ed \u010d\u00e1st \u010cEZ. Mezi men\u0161inov\u00fdmi akcion\u00e1\u0159i jsou i\u00a0v\u00fdznamn\u00e9 zahrani\u010dn\u00ed skupiny, a\u00a0kdyby se na dal\u0161\u00ed valn\u00e9 hromad\u011b (nebo jak si to \u201eexperti\u201c p\u0159edstavuj\u00ed) toto rozhodnut\u00ed zase zru\u0161ilo, utrp\u011bla by cel\u00e1 \u010cesk\u00e1 republika doslova fat\u00e1ln\u00ed ztr\u00e1tu d\u016fv\u011bryhodnosti. N\u011bco takov\u00e9ho \u201eodborn\u00edci\u201c tedy dosti podce\u0148uj\u00ed.<\/p>\n

Dal\u0161\u00ed v\u011bc je, \u017ee zest\u00e1tn\u011bn\u00ed v\u00fdroby \u010cEZ m\u011bla vl\u00e1da v\u00a0programov\u00e9m prohl\u00e1\u0161en\u00ed a\u00a0postupuje podle toho. Je vcelku dob\u0159e, \u017ee n\u011bkdy n\u011bkdo v\u00a0t\u00e9to zemi tak\u00e9 dodr\u017euje, co si napsal do programu.<\/p>\n

Zest\u00e1tn\u011bn\u00ed v\u00fdroby \u010cEZ m\u011bla v\u00a0pl\u00e1nu i\u00a0Fialova vl\u00e1da, ale nakonec v\u00a0tomto ohledu projevila\u00a0jenom zmatek, nerozhodnost a\u00a0dosti nep\u011bkn\u00e9 lav\u00edrov\u00e1n\u00ed. T\u0159i roky dr\u017eela investory v\u00a0nejistot\u011b, ve sn\u011bmovn\u011b visel rozpracovan\u00fd lex \u010cEZ, kter\u00fd m\u011bl sn\u00ed\u017eit pr\u00e1h pro vyt\u011bs\u0148ov\u00e1n\u00ed men\u0161inov\u00fdch akcion\u00e1\u0159\u016f naprosto necivilizovan\u00fdm zp\u016fsobem, nekompaktn\u00edm s\u00a0evropsk\u00fdm pr\u00e1vem.\u00a0Tu\u0161ilo se, \u017ee to nem\u00e1 b\u00fdt schv\u00e1leno, jen se t\u00edm m\u011bla cena akci\u00ed um\u011ble dr\u017eet n\u00edzko. Z\u00e1rove\u0148 vl\u00e1da p\u0159i\u0161la s\u00a0windfall dan\u00ed, kter\u00e1 se m\u011bla vztahovat nap\u0159\u00edklad i\u00a0na banky a\u00a0obchodn\u00ed \u0159et\u011bzce. Nic proti dani z\u00a0mimo\u0159\u00e1dn\u00fdch zisk\u016f, ale u\u00a0n\u00e1s byla schv\u00e1lena v\u00a0dob\u011b, kdy u\u017e \u017e\u00e1dn\u00e9 mimo\u0159\u00e1dn\u00e9 zisky v\u00a0energetice nebyly. Proto, \u017ee st\u00e1t jako akcion\u00e1\u0159 plat\u00ed mimo\u0159\u00e1dnou da\u0148 s\u00e1m sob\u011b, \u0161lo o\u00a0brut\u00e1ln\u00ed diskrimina\u010dn\u00ed oholen\u00ed jednoho druhu akcion\u00e1\u0159\u016f.<\/p>\n

Je smutn\u00e9, \u017ee nikdo ze sou\u010dasn\u00fdch petent\u016f tehdy nekritizoval ani diskrimina\u010dn\u00ed da\u0148, ani zp\u016fsoby man\u00e9vrov\u00e1n\u00ed a\u00a0zastra\u0161ov\u00e1n\u00ed skrze lex \u010cEZ. \u0158\u00edk\u00e1 se, \u017ee jeden z\u00a0petent\u016f tu windfall tax s\u00e1m vymyslel.<\/p>\n

Pro\u010d je zest\u00e1tn\u011bn\u00ed \u010cEZ spr\u00e1vn\u00e9? Investi\u010dn\u00ed horizont v\u00fdstavby jadern\u00fdch blok\u016f je natolik dlouh\u00fd, \u017ee se to v\u016fbec neslu\u010duje s\u00a0b\u011b\u017enou n\u00e1vratnost\u00ed investic norm\u00e1ln\u00ed obchodn\u00ed spole\u010dnosti. Oproti norm\u00e1ln\u00edm investi\u010dn\u00edm horizont\u016fm se pohybuje \u0159\u00e1dov\u011b jinde. Norm\u00e1ln\u00ed management obchodn\u00ed spole\u010dnosti \u010di obchodn\u00ed korporace nesm\u00ed realizovat ztr\u00e1tov\u00e9 investice. Tak\u017ee to vlastn\u011b jinak nejde.<\/p>\n

Stejnou cestou se ned\u00e1vno vydala francouzsk\u00e1 energetick\u00e1 spole\u010dnost EdF, kter\u00e1 kv\u016fli nov\u00fdm investic\u00edm do j\u00e1dra \u0159\u00e1dn\u011b vykoupila men\u0161inov\u00e9 akcion\u00e1\u0159e a\u00a0stala se op\u011bt pln\u011b st\u00e1tn\u00ed. Jedin\u00e1 druh\u00e1 mo\u017en\u00e1 varianta jsou st\u00e1tem garantovan\u00e9 v\u00fdkupn\u00ed ceny elekt\u0159iny z\u00a0j\u00e1dra. To je cesta, kterou se vydali v\u00a0Brit\u00e1nii v\u00a0p\u0159\u00edpad\u011b elektr\u00e1rny Hinkley Point, kter\u00e1 se neust\u00e1le astronomicky prodra\u017euje. Vysok\u00e9 garantovan\u00e9 v\u00fdkupn\u00ed ceny na dlouh\u00e9 dek\u00e1dy po dokon\u010den\u00ed elektr\u00e1rny dnes odborn\u00e1 ve\u0159ejnost nehodnot\u00ed zrovna kladn\u011b.<\/p>\n

D\u00e1le st\u011b\u017eovatel\u00e9 konstatuj\u00ed, \u017ee to, co funguje, se m\u00e1 nechat b\u00fdt. Men\u0161inov\u00ed akcion\u00e1\u0159i jsou pr\u00fd z\u00e1rukou transparentnosti a\u00a0kontroly. Byli tito p\u00e1ni n\u011bkdy v\u00a0uplynul\u00fdch dek\u00e1d\u00e1ch na valn\u00e9 hromad\u011b \u010cEZ a. s.? Nap\u0159\u00edklad v\u0161echny investice v\u00a0r\u00e1mci zahrani\u010dn\u00ed expanze \u010cEZ (Rumunsko, Alb\u00e1nie, Bulharsko, Turecko) byly ztr\u00e1tov\u00e9, musely b\u00fdt odeps\u00e1ny a\u00a0firma p\u0159i\u0161la o\u00a0des\u00edtky miliard korun. Dotazy drobn\u00fdch akcion\u00e1\u0159\u016f na tyto b\u00e1je\u010dn\u00e9 po\u010diny minul\u00e9ho veden\u00ed \u010cEZ byly v\u017edy pe\u010dliv\u011b ignorov\u00e1ny. Nikdo nikdy nebyl\u00a0povol\u00e1n k\u00a0zodpov\u011bdnosti.<\/p>\n

Ano, se st\u00e1tn\u00edmi firmami neb\u00fdv\u00e1 dobr\u00e1 zku\u0161enost. Na tom n\u011bco je, ale s\u00a0polost\u00e1tn\u00edmi firmami, kde management vyd\u011bl\u00e1v\u00e1 \u0159\u00e1dov\u011b v\u00edc ne\u017e premi\u00e9r nebo ministr, tak\u00e9 ne. To je pak toti\u017e nam\u00edst\u011b ot\u00e1zka, kdo ve st\u00e1t\u011b vl\u00e1dne. Pokud bude v\u00fdstavba elektr\u00e1ren st\u00e1tn\u00ed prioritou a\u00a0\u010cesk\u00e1 republika z\u016fstane civilizovanou zem\u00ed s\u00a0kontroln\u00edmi mechanismy, d\u00e1 se v\u00fdstavba jadern\u00fdch zdroj\u016f zvl\u00e1dnout.<\/p>\n

Je\u0161t\u011b pozn\u00e1mka pod \u010darou k\u00a0anglicism\u016fm. To se p\u00e1nov\u00e9 Hampl \u010di Rusnok opravdu pot\u0159ebuj\u00ed bl\u00fdskat t\u00edm, \u017ee pou\u017e\u00edvaj\u00ed v\u00fdrazy jako \u201efamily office\u201c nebo \u201ecorporate governance\u201c?<\/p>\n

Autor je prezidentem think tanku Strategeo<\/a>, p\u016fsob\u00ed jako visiting fellow spole\u010dnosti Globsec a\u00a0je \u010dlenem sboru extern\u00edch poradc\u016f prezidenta Petra Pavla pro zahrani\u010dn\u00ed politiku.<\/p>\n","protected":false},"excerpt":{"rendered":"Skupina ekonom\u016f\u00a0\u2013 mezi nimi p\u0159edseda N\u00e1rodn\u00ed rozpo\u010dtov\u00e9 rady vl\u00e1dy Mojm\u00edr Hampl, b\u00fdval\u00fd guvern\u00e9r \u010cNB Zden\u011bk T\u016fma, b\u00fdval\u00fd premi\u00e9r…\n","protected":false},"author":2,"featured_media":121074,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[412,266,1014,67,68,43,149,150,69,10976,13063,1016,592,964,3964,706],"class_list":["post-134221","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-akcie","tag-andrej-babis","tag-bezpecnost","tag-business","tag-byznys","tag-ceska-republika","tag-ceske-energeticke-zavody-cez","tag-energetika","tag-investice","tag-management","tag-minoritni-akcionari","tag-nazor","tag-prumysl","tag-vlada","tag-vlada-petra-fialy","tag-zestatneni"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116839502853987365","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/134221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=134221"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/134221\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/121074"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=134221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=134221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=134221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}