PRAGUE (AP) — The Czech power utility CEZ said on Thursday its net profit in the first three quarters of the year reached 29.8 billion Czech crowns ($1.3 billion), 22.5 billion less than in the same period a year ago.

The country’s main electricity producer attributed the 43% decline to a windfall tax on profits introduced as prices for energy soared.

The Czech state, which has an almost 70% stake in the company, will receive up to 125 billion Czech crowns from CEZ this year in dividends, income taxes and levies on production sales, including a windfall tax, the company said.

It is 5 billion more than expected in August.

CEZ chief executive Daniel Benes said the results reflect “the gradual stabilization on energy markets.”

Last year, the company’s profit soared on an enormous rise in prices caused by the Russian invasion of Ukraine, higher profit from commodity trading on foreign markets and high operational reliability in its power plants.

That resulted in record dividends of 145 Czech crowns per share.

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