{"id":121154,"date":"2026-11-14T00:22:13","date_gmt":"2026-11-13T23:22:13","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=121154"},"modified":"2026-11-13T12:37:25","modified_gmt":"2026-11-13T11:37:25","slug":"thomas-paukner-dotacni-peklo-ma-jmeno-cez-je-ziskovejsi-nez-apple-a-google","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/11\/14\/thomas-paukner-dotacni-peklo-ma-jmeno-cez-je-ziskovejsi-nez-apple-a-google\/","title":{"rendered":"Thomas Paukner: Dota\u010dn\u00ed peklo m\u00e1 jm\u00e9no – \u010cEZ je ziskov\u011bj\u0161\u00ed ne\u017e Apple a Google"},"content":{"rendered":"
<\/div>\n

\u010cEZ je ziskov\u011bj\u0161\u00ed ne\u017e Apple, Alphabet (Google) nebo holding CSG Michala Strnada. Plat\u00edme to, bohu\u017eel, v\u0161ichni v nejdra\u017e\u0161\u00ed elekt\u0159in\u011b v Evrop\u011b a masivn\u00edch dotac\u00edch.<\/strong><\/p>\n

Tento \u010dl\u00e1nek je prvn\u00ed sv\u00e9ho druhu. D\u016fvod je jednoduch\u00fd – \u010cEZ je mimo\u0159\u00e1dn\u011b mocn\u00e1, vlivn\u00e1 a ned\u016ftkliv\u00e1 firma. Hl\u00e1s\u00ed rekordn\u00ed zisky, ale z\u00e1rove\u0148 \u010derp\u00e1 masivn\u00ed investi\u010dn\u00ed, provozn\u00ed a nep\u0159\u00edmou st\u00e1tn\u00ed podporu.<\/p>\n

Polost\u00e1tn\u00ed \u010cEZ je extr\u00e9mn\u011b ziskov\u00fd a finan\u010dn\u00ed v\u00fdsledky spole\u010dnosti jsou doslova dechberouc\u00ed.<\/p>\n

Rok 2022 – \u010cEZ na tr\u017eb\u00e1ch 288 miliard dosahuje zisku p\u0159ed zdan\u011bn\u00edm, \u00faroky a odpisy, EBITDA, 138,4 miliardy korun. EBITDA mar\u017ee \u010din\u00ed 45,6 %<\/p>\n

Rok 2023 – \u010cEZ na tr\u017eb\u00e1ch 340 miliard dosahuje EBITDA 124,8 miliard korun. EBITDA mar\u017ee \u010din\u00ed 36 %.<\/p>\n

Rok 2024 – \u010cEZ na tr\u017eb\u00e1ch 344 miliard dosahuje EBITDA 137,4 miliardy korun. EBITDA mar\u017ee \u010din\u00ed 40 %.<\/p>\n

Rok 2025 – \u010cEZ na tr\u017eb\u00e1ch 333 miliard dosahuje EBITDA 133,04 miliardy korun. EBITDA mar\u017ee \u010din\u00ed 41,1 %<\/p>\n

V\u00fdro\u010dn\u00ed zpr\u00e1vy \u010cEZ – https:\/\/www.cez.cz\/…\/hospodarske-vysledky\/vyrocni-zpravy<\/strong><\/a><\/p>\n

Ne, v\u00fd\u0161e uveden\u00e1 \u010d\u00edsla nejsou norm\u00e1ln\u00ed a enormn\u00ed zisky p\u0159ed zdan\u011bn\u00edm maj\u00ed vysv\u011btlen\u00ed. Jen pro p\u0159edstavu, v roce 2018, kdy byl sv\u011bt je\u0161t\u011b pom\u011brn\u011b norm\u00e1ln\u00edm m\u00edstem, utr\u017eil \u010cEZ 184 miliard korun a vyk\u00e1zal EBITDA ve v\u00fd\u0161i 49,5 miliardy s EBITDA mar\u017e\u00ed 26,8 %. I tehdy \u0161lo o mimo\u0159\u00e1dn\u00fd v\u00fdsledek a velmi vysok\u00e9 mar\u017ee na st\u00e1tem regulovan\u00fd sektor.<\/p>\n

2018, \u010cEZ – https:\/\/www.cez.cz\/…\/skupina-cez-v-roce-2018-vydelala…<\/strong><\/a><\/p>\n

Pak se ale n\u011bco stalo. Za\u010dala v\u00e1lka na Ukrajin\u011b a p\u0159i t\u00e9to p\u0159\u00edle\u017eitosti si firma \u010cEZ doslova koupila \u010ceskou republiku.<\/p>\n

A v\u00fdsledek? \u010cEZ je ziskov\u011bj\u0161\u00ed ne\u017e Apple, Alphabet nebo holding CSG. Ano, je tomu skute\u010dn\u011b tak.<\/p>\n

CSG, EBITDA mar\u017ee 27 % – https:\/\/csg.com\/en\/news\/csg-annual-report-2024<\/strong><\/a><\/p>\n

Apple, EBITDA mar\u017ee 35 % – https:\/\/s2.q4cdn.com\/…\/q4\/filing\/10K-Q4-2026-as-filed.pdf<\/strong><\/a><\/p>\n

Alphabet (Google), EBITDA mar\u017ee 39 % – https:\/\/s206.q4cdn.com\/…\/doc…\/2025\/q4\/GOOG-10-K-2025.pdf<\/strong><\/a><\/p>\n

Jen za roky 2022 a\u017e 2025 zaplatili \u010de\u0161t\u00ed da\u0148ov\u00ed poplatn\u00edci firm\u011b \u010cEZ investi\u010dn\u00ed dotace ve v\u00fd\u0161i 41,2 miliardy korun. 38,6 miliard \u0161lo ze St\u00e1tn\u00edho fondu \u017eivotn\u00edho prost\u0159ed\u00ed na modernizaci tepl\u00e1ren a spaloven (KVET) nebo sol\u00e1rn\u00ed projekty a dal\u0161\u00ed 2,6 miliardy poskytlo Ministerstvo pr\u016fmyslu a obchodu.<\/p>\n

Spot\u0159ebitel\u00e9 tak\u00e9 ka\u017ed\u00fd rok p\u0159isp\u00edvaj\u00ed spole\u010dnosti \u010cEZ na v\u00fdkupn\u00ed ceny a zelen\u00e9 bonusy u sol\u00e1rn\u00edch elektr\u00e1ren. Provozn\u00ed podpora dosahuje 2,21 miliardy ro\u010dn\u011b a po ode\u010dten\u00ed sol\u00e1rn\u00edch odvod\u016f jde o rovn\u00e9 2 miliardy.<\/p>\n

V letech 2024 a\u017e 2025 si spole\u010dnost \u010cEZ zajistila 47 % pod\u00edl na provozn\u00ed podpo\u0159e nov\u00fdch kogenera\u010dn\u00edch elektr\u00e1ren. St\u00e1t v n\u00e1sleduj\u00edc\u00edch 15 letech schv\u00e1lil dota\u010dn\u00ed r\u00e1mec pro provozn\u00ed podporu ve v\u00fd\u0161i 75 miliard korun.<\/p>\n

\u010cEZ tak z\u00edsk\u00e1 dal\u0161\u00ed 2,3 miliardy korun ro\u010dn\u011b na vysoce profitabiln\u00ed kogenera\u010dn\u00ed jednotky.<\/p>\n

To ale zdaleka nen\u00ed v\u0161e. Nejv\u011bt\u0161\u00ed p\u0159\u00edsp\u011bvek k zisku si spole\u010dnost \u010cEZ zajistila skrze nav\u00fd\u0161en\u00ed distrbu\u010dn\u00edch poplatk\u016f v regulovan\u00e9 cen\u011b elekt\u0159iny. V letech 2024 a\u017e 2025 tato slo\u017eka regulovan\u00e9 ceny vzrostla o 33 %.<\/p>\n

Distributo\u0159i m\u011bli investovat do modernizace s\u00edt\u00ed. A realita? Odvod ve v\u00fd\u0161i 13 miliard nav\u00edc od odb\u011bratel\u016f se CEL\u00dd (!!!) prom\u00edtl v EBITDA spole\u010dnosti \u010cEZ Distribuce. Odvody se navy\u0161ovaly v letech 2024 a\u017e 2025.<\/p>\n

Finan\u010dn\u00ed v\u00fdsledky \u010cEZ Distribuce p\u0159itom hovo\u0159\u00ed naprosto jasn\u011b.<\/p>\n

Rok 2023 – Tr\u017eby \u010cEZ Distribuce o\u010di\u0161t\u011bn\u00e9 o POZE dosahuj\u00ed 37,7 miliardy korun.<\/p>\n

– \u010cEZ Distribuce vykazuje EBITDA 15,7 miliardy korun<\/p>\n

Rok 2024 – doch\u00e1z\u00ed ke skokov\u00e9mu zdra\u017een\u00ed distribuce, tr\u017eby \u010cEZ Distribuce o\u010di\u0161t\u011bn\u00e9 o POZE dosahuj\u00ed 51,8 miliardy korun<\/p>\n

– \u010cEZ Distribuce vykazuje EBITDA 21,8 miliardy korun<\/p>\n

Rok 2025 – pln\u011b nab\u00edhaj\u00ed nov\u00e9 poplatky za distribuci, tr\u017eby \u010cEZ Distribuce o\u010di\u0161t\u011bn\u00e9 o POZE dosahuj\u00ed 51,89 miliardy korun<\/p>\n

– \u010cEZ Distribuce vykazuje EBITDA 27,4 miliardy korun<\/p>\n

Zdroj 2025 – https:\/\/www.cezdistribuce.cz\/…\/cez-distribuce-cz…<\/strong><\/a><\/p>\n

Poplatky distributor\u016fm vzrostly o 33 %. Tr\u017eby \u010cEZ Distribuce vzrostly o 31 %. Nav\u00fd\u0161en\u00e9 tr\u017eby odveden\u00e9 da\u0148ov\u00fdmi poplatn\u00edky v \u00fa\u010dtech za elekt\u0159inu p\u0159\u00edmo \u00fam\u011brn\u011b nav\u00fd\u0161ily EBITDA spole\u010dnosti \u010cEZ Distribuce.<\/p>\n

V\u00fdsledn\u00fd souhrn doslova d\u011bs\u00ed. St\u00e1tn\u00edmu kolosu ziskov\u011bj\u0161\u00edmu ne\u017e Apple \u010di CSG p\u0159isp\u00edvaj\u00ed da\u0148ov\u00ed poplatn\u00edci 3 miliardami ro\u010dn\u011b. Do toho se nov\u011b v letech 2022 a\u017e 2025 objevily investi\u010dn\u00ed dotace ve v\u00fd\u0161i 41,2 miliardy korun, pr\u016fm\u011brn\u011b 10,3 miliardy ro\u010dn\u011b. Aby toho nebylo m\u00e1lo, distribu\u010dn\u00ed poplatky vzrostly a na \u00fa\u010dtech \u010cEZu skon\u010dilo dal\u0161\u00edch 14 miliard – prom\u00edtly se do zisku p\u0159ed zdan\u011bn\u00edm, nikoli do investic.<\/p>\n

K nejdra\u017e\u0161\u00ed elekt\u0159in\u011b v Evrop\u011b tak \u010cEZ d\u00edky krok\u016fm vl\u00e1dy, zejm\u00e9na d\u00edky Zby\u0148ku Stanjurovi a Luk\u00e1\u0161i Vl\u010dkovi, z\u00edsk\u00e1v\u00e1 dal\u0161\u00edch p\u0159\u00edjemn\u00fdch 28 miliard z pen\u011bz da\u0148ov\u00fdch poplatn\u00edk\u016f ve form\u011b p\u0159\u00edm\u00e9, provozn\u00ed a nep\u0159\u00edm\u00e9 podpory.<\/p>\n

Jakmile se rozjede v\u00fdroba KVET, provozn\u00ed podpora vzroste na bezm\u00e1la dvojn\u00e1sobek, tedy na 5 miliard ro\u010dn\u011b.<\/p>\n

Ne, skute\u010dn\u011b nen\u00ed b\u011b\u017en\u00e9, aby polost\u00e1tn\u00ed energetick\u00e1 firma p\u016fsob\u00edc\u00ed na regulovan\u00e9m trhu dosahovala vy\u0161\u0161\u00ed ziskovosti ne\u017e technologi\u010dt\u00ed ob\u0159i Apple, Alphabet nebo zbroja\u0159sk\u00e1 CSG. Ne, nen\u00ed norm\u00e1ln\u00ed, aby se vysoce ziskov\u00e9mu distribu\u010dn\u00edmu segmentu s EBITDA mar\u017e\u00ed p\u0159esahuj\u00edc\u00ed 30 % p\u0159idaly nov\u00e9 odvody, kter\u00e9 tuto mar\u017ei nav\u00fd\u0161i na v\u00fdsledn\u00fdch 50 a v\u00edce %. A ne, nen\u00ed norm\u00e1ln\u00ed, aby tento stav st\u00e1t dlouhodob\u011b jako nejv\u011bt\u0161\u00ed akcion\u00e1\u0159 ignoroval a naopak firm\u011b poskytoval dal\u0161\u00ed provozn\u00ed, investi\u010dn\u00ed i nep\u0159\u00edmou podporu.<\/p>\n

Pt\u00e1te se, pro\u010d m\u00e1me nejdra\u017e\u0161\u00ed energii? Odpov\u011b\u010f m\u00e1 jm\u00e9no \u010cEZ.<\/p>\n

Aby byl text p\u0159ehledn\u00fd, p\u0159\u00edpravil jsem kompletn\u00ed sadu v\u00edce ne\u017e 180 zdroj\u016f k dat\u016fm v\u00fd\u0161e, p\u0159esn\u00e9 p\u0159ehledy dotac\u00ed, v\u00fdro\u010dn\u00edch zpr\u00e1v a korelace navy\u0161ov\u00e1n\u00ed zisk\u016f s vyhl\u00e1\u0161kami ER\u00da v separ\u00e1tn\u00edm dokumentu.<\/p>\n

Ten je novin\u00e1\u0159\u016fm i ve\u0159ejnosti dostupn\u00fd zde.<\/p>\n

https:\/\/limewire.com\/d\/uZ2Rh#SEvP9vLWXf<\/strong><\/a><\/p>\n

D\u00e1v\u00e1-li v\u00e1m pr\u00e1ce projektu Paukner Media smysl, m\u016f\u017eete jej dobrovoln\u011b podpo\u0159it p\u0159edplatn\u00fdm na odkazu n\u00ed\u017ee.<\/p>\n

https:\/\/herohero.co\/tenderhvlrxikcblavo<\/strong><\/a><\/p>\n

Abnorm\u00e1ln\u00ed ziskovost st\u00e1tn\u00edho kolosu je v\u0161em na o\u010d\u00edch. P\u0159esto se zd\u00e1, jako by se \u010cEZ vyh\u00fdbal pozornosti m\u00e9di\u00ed jako slon v pokoji, o kter\u00e9m rad\u011bji nikdo nemluv\u00ed.<\/p>\n

Bylo by z\u00e1hodno, aby se hnuly ledy.<\/p>\n

\u0160alom<\/p>\n

Thomas Paukner<\/a><\/p>\n

Foto Bene\u0161: Wiki<\/em><\/span>
\nFoto Stanjura: Wiki<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u010cEZ je ziskov\u011bj\u0161\u00ed ne\u017e Apple, Alphabet (Google) nebo holding CSG Michala Strnada. Plat\u00edme to, bohu\u017eel,…<\/p>\n","protected":false},"author":2,"featured_media":121155,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[1042,1298,3287],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/121154"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=121154"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/121154\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/121155"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=121154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=121154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=121154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}