Acquisitive Czech energy companies, meaning mainly ČEZ and EPH, have two new reasons to be nervous. CNB Vice Gov. Vladimír Tomšík, who has been a key public face for a devaluation that loosened monetary policy, is now speaking about tightening credit conditions by increasing the 0% countercyclical capital buffer for banks. This would increase borrowing rates. Not only this, but Bank of England Gov. Mark Carney warned last week that investors could potentially face huge losses from climate-change regulations that make vast reserves of oil, coal and natural gas "literally unburnable." ČEZ is protected somewhat by its low debt and its nuclear assets, but debt- and coal-heavy EPH could face a double whammy from rising interest rates and a greater risk profile. Everyone in business says that Daniel Křetínský of EPH is as smart as he is smooth. Let's see how he smooth-talks his bankers and bondholders this time.