CEZ, MOL put Slovak plant on hold

PRAGUE: Czech electricity company CEZ and Hungarian oil and gas group MOL have put plans for a gas-fired power plant in Slovakia on hold.

"This project is prepared, but we are not continuing in it because of the situation on the market," CEZ spokesman Ladislav Kriz said on Monday, adding high gas prices and low electricity rates meant the project was not viable at the moment.

The move was little surprise given the two groups have been in no hurry with a project for a 860 MW combined cycle gas turbine power plant in Hungary.

MOL had said last month a final decision for the project would come next year. The Slovak plant was always scheduled to follow the project in Hungary.