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The aim of this diploma thesis is to verify a connection between macroeconomic development and energy sector. This connection is examined with the data from the Czech Republic and with the data from Austria, both in the years 2000 - 2012. The theoretical part describes energetics as a natural monopoly and a resource of externalities. It includes the theory of monitoring the business cycle and financial analysis of companies. The first half of the practical part compares macroeconomic development of the Czech Republic and the ČEZ group. The similar comparison is made with Austria and the Verbund company. Second half of the practical part explains how economic policies influence the Czech energetics. This impact is being studied in terms of legislation, regulations, monetary and fiscal policy. The practical part ends with rating and valuation of costs that arise from the main energy resources. The link between energetics and macroeconomic development was discovered and proved thanks to the doubled analysis used in the thesis.

The thesis deals with the major issues facing the European energy policy: the liberalisation of energy markets, security of supply and combating the climate change. After a short description of the history of this policy comes the explanation why the energy issues have become so important for the EU in recent years (oil thirst of the emerging markets, rise of Putin's Russia, climate change). The next chapter focuses on EU's response to these challenges, focusing on Barroso's Commision agenda. Apart from this, there is an analysis of major stakeholders' reactions concerning the recent legislation (Energy packages). However, the main part of the thesis tries to point at the discrepancies between the "official" policy as pronounced at the EU summits and the actual state of things. Major lagging behind can be found in areas such as the extent to which the external energy policy is successful (relations with Russia), the questionable impacts of subsidising biofuels or the slow implementation of energy market directives.

Strategic analysis of E.ON Czech group and its practical application, external and internal analysis and strategy.

Práce se zabývá vývojem energetické politiky EU. Obsahem práce je popis jednotlivých energetických zdrojů, dále popis energetických společenství 50. let (ESUO, EURATOM) ve vývoji. Velká část práce je věnována současnému stavu energetické politiky EU a možnostem budoucího vývoje, včetně potenciálních dodavatelů energie.

Energy resources mean an important aspect of GDP of the Russian Federation. Most of these strategic commodities consumed in the EU have originated in Russia. The aim of the thesis is to assess the mutual relations between the EU and Russia in terms of energy trading with important raw materials with focus on Central Europe. The first chapter deals with various energy sources and their importance for the EU and thenthrough a common EU energy policy. The middle section is devoted to EU-Russia relations in energy and pipelines connecting both sides. The final section assesses the Union from the perspective of energy security and provides other alternatives forenergy production.

This thesis aims to identify main possible ways how to develop Mělník III coal power plant in the future. The other goal is to evaluate all of them using methods with flexibility and to recommend the most valuable one for the realization. The theoretical part of the thesis describes all key principles used during the valuation and the analytical part contains detailed situation analysis, valuation results and the sensitivity analysis with discussion of the results.

The main research goal is to identify specifics of energy utilities generating electricity and heat from a valuation perspective. To fulfill this goal, the electricity and district heating sector, their characteristic, economic aspects and related regulation have been described. Having weighted possible valuation approaches, the author has decided to opt for both the DCF method and the method using market multiples. The former has been extended by Monte Carlo simulation. The financial and strategic analysis, analysis of key value drivers, financial plan and valuation itself has been thoroughly done. There have been 7 values of equity derived according to a method used and assumptions considered. The variability of outcomes indicates the need for a correct consideration of relevant factors while compiling valuation. These factors are as follows: costs of inputs and their impacts on the entity's operation, price of electricity and heat, life cycle, technological parameters and ecological regulation.

Master's Thesis deals with issue of corporate social responsibility in the energy industry. The work is divided into four chapters. In the first one author describes basic concepts related to this issue, focusing on the current understanding of corporate social responsibility from a global and European perspective and of course from the perspective of the Czech Republic. Criticism, barries and the future of CSR are not missing as well. The second and the third chapter is dedicated to a detailed analysis of CSR in an example of global and regional company from the energy industry. Focus is on economic, social and environmental pillars of corporate social responsibility, together with the strategic objectives and innovation. Last fourth chapter compares the global and the regional energy company based on the tripple bottom line of the CSR and finally, strategy of the global and regional representative is confronted with a reality.

The goal of the thesis is identification and analysis of key risks for Czech district heating sector with focus on coal availability and impact of the EU regulatory measures. In the Czech Republic district heating sector is an important part of energy industry. It serves heating needs of 1.5 million households and substantial amount of industry needs. Currently the question of possible brown coal shortage is becoming urgent. Dynamically changing regulatory framework generating requirements for additional investments is destabilizing. The sector is defined, its competitiveness is evaluated and further the risks are analyzed. Based on brown coal market analysis it is concluded that the current market situation can be considered as stabilized. In the long term perspective the question of possible lifting of the coal mining limits remains crucial. It is concluded that impacts of the EU regulatory measures can't be objectively evaluated at the moment. But it can be assumed that most of district heating companies will be finally able to meet the requirements.