Coal news and updates

Polish government outlines offer to buy coal assets from state energy firms

Poland’s government has outlined details of the billions of zloty it is proposing to pay state energy firms to buy their coal assets. The move is part of a process to create a new separate entity to gradually wind down the use of coal and allow other energy firms to focus on developing lower-emission sources.

The four firms – PGE, Tauron, Energa and Enea – on Friday received a proposal from the state assets ministry on behalf of the state treasury. It outlined purchase prices and debt settlement mechanisms that will now be negotiated further.

Enea would receive almost 2.5 billion zloty (€560 million) for its shares in Enea Wytwarzanie – Poland’s largest producer of electricity from hard coal – and 632 million zloty for Enea Elektrownia Połaniec, a coal power plant. The state treasury will also provide guarantees covering up to 70% of 2.4 billion zloty in debts owed to Enea by the subsidiaries.

A similar purchase amounting to 849 million has been proposed to PGE, 153 million to Energa and a symbolic 1 zloty to Tauron. PGE and Tauron have also been offered deals relating to debt owed by their subsidiaries.

.@Grupa_PGE, @TauronPE, @EnergaSA i @Grupa_Enea otrzymały propozycję warunków nabycia aktywów węglowych i przekazania do Narodowej Agencji Bezpieczeństwa Energetycznego. Zaczynamy ostatni etap powołania #NABE. To krok ku transformacji energetycznej i wzmocnieniu bezpieczeństwa.