CEZ has suspended its plan to construct a steam-gas power plant in Chvaletice, eastern Bohemia, Czech Republic, according to sales division director Alan Svoboda.

The suspension decision is in line with the company’s intention to cut its planned investments for 2010-2015 from CZK430bn ($24.2bn) to CZK350bn ($19.7bn), CEZ spokesman Ladislav Kriz added.

Svoboda said the company will focus on the construction of a steam-gas power plant in Pocerady, northern Bohemia, with supply of gas to the plant to start in 2013.

The company is also preparing for another steam-gas power plant project in Melnik, central Bohemia, according to The Prague Daily Monitor.

CEZ has also suspended plans to bid for Energa, a Polish energy company, and has decided not to participate in the privatisation of Steag, a German energy firm.