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EPH to shift energy trading activities from Czech Republic after windfall tax approved

PRAGUE (Reuters) - Czech-based energy group EPH will shift its energy commodities trading abroad in reaction to windfall tax approved by the lower house of parliament on Friday, the company said.

It said that domestically-produced electricity amounted to just 1% of its trading volumes and it was "absolutely nonsensical" to include foreign income from energy trading in the windfall tax.

"Our European trading will develop in another jurisdiction, the state budget will lose billions in revenue and the Czech Republic will lose economic activity with extraordinarily high added value," EPH Communications Director Daniel Castvaj said in a statement.

(Reporting by Jan Lopatka)