CEZ Group sold its end-of-life Počerady coal-fired power plant in the Czech Republic to Severní energetická a.s. for 2 billion Czech koruny, effective Jan. 2, 2024.

The deal is part of a 2013 agreement between the two companies that put an end to several years of disputes related to coal deliveries from the plant.

CEZ had until the end of 2019 to exercise its last option to revoke the sale, but opted to go ahead with it given the European Commission's moves to restrict coal generation as part of its transition to a carbon-free economy, according to a Jan. 2 statement.

As of Jan. 2, US$1 is equivalent to 22.66 Czech koruny.