Abstract:

The aim of this paper is to describe the role and the importance of innovations in energy industry and their significance for retaining a competitive position in this progressive field of business. The CEZ Group is a dominant player and one of the biggest industrial groups acting in the European energy industry. Energy is not only a strategic sector for all other businesses, but also a very sensitive part of national security. The theoretical part of this paper will therefore outline fundamental roles of innovations in management of companies and the way it supports their competitiveness. The analytical part will summarize the current situation in the energy business, challenges and innovations that should be considered by any company operating in this area in order to remain competitive, to attract customers and get a reasonable market share for a sustainable future growth of their businesses. A limited scope and length of this paper will allow only for a partial description of a particular fragment in management of innovations in the CEZ Group and it does not aim to provide a complete picture of all functions and competencies that the strategy and innovations department of the CEZ Group carries out on a daily basis.