The head of a major Czech power generation investment company, who plans to invest around EUR1bn in fossil power assets around Europe, says politicians are underestimating how long conventional power will continue to contribute to the overall energy mix.
Pavel Tykac
Czech energy investor Pavel Tykac set up the company, even as many utilities shift their focus to renewables, replicating the strategy of compatriot company EPH, which has profited from buying up older plants in Germany, Britain, Italy and elsewhere in recent years.

“We believe the end of conventional (energy) sources is unavoidable. But it will be slower than how the politicians have planned it,” he told newspaper Hospodarske Noviny.

Seven Energy said in a statement it would be led by former managers from majority state-owned Czech utility giant CEZ , including former board member Alan Svoboda and former trading head Michal Skalka.

“We are interested in all acquisitions where we can add some value. We want to remain in energy, mainly the conventional energy where we have strong know-how,” Svoboda said.

Tykac has been active in Czech energy markets for more than a decade and is one of the richest business executive in the central European country.