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The Polish energy group has expressed initial interest in taking over all the actions of the company responsible for the atomic project – as stated in the company's statement. PGE quotes reacted with a selloff.
It is about PGE EJ1 sp. O.o. The Polska Grupa Energetyczna, although giving its name to this company, holds 70%. She has now expressed her interest in taking over the remaining 30%. – The execution of the transaction will be possible after evaluation by an independent advisor and obtaining company approvals by all entities involved. The goal of PGE is the operational restructuring and costs of the company and the integration of activities within the PGE group – as stated in the press release.
PGE EJ1 sp. O.o. is a company responsible for the preparation and implementation of the investment consisting in the construction and operation of the first Polish nuclear power plant. The company was established in 2010 and, in 2014, Tauron, KGHM and Enea joined the group of its shareholders, who bought 10% each. PGE shares. This structure has been preserved until today. PGE now wants to recover these actions.
The plant itself is one of the priorities of the current energy minister, Krzysztof Tchórzewski, who also oversees the EMP on behalf of the Treasury. The decision to build a nuclear power plant – as the minister points out – is informal until now.
Atom – our response to EU policy
According to the assumptions of the Polish energy policy until 2040, the share of coal (hard and brown) in the electricity production of our country is expected to decrease by about 80%. currently up to about 35 percent. In the next places in terms of share in the energy mix, we will find nuclear energy, from which about 18% of energy will be created. our energy. The assumptions also show that from 2033, a new nuclear unit will be created every two years. In total, six blocks with a capacity of 6 to 9 GW must be built.
For years, PGE has been recognized as the leader of the Polish nuclear project. It was on her, as the largest energy company, that the project was to be based. At one point, there were even two subsidiaries dedicated to the nuclear industry: PGE EJ1 and PGE EJ2. Unfortunately, successive governments have only been talking about nuclear energy for years and little has been done on this issue, which is why the nuclear project is still almost nil. And yet, nuclear energy can be a good response to current shifts in energy trends, caused mainly by Brussels policy.
Shareholders are afraid of the project
However, the shareholders of the nuclear project react allergically. Fear can be seen after the reaction to the message of today. Shortly after its publication, PGE's shares fell sharply by 5%. Shareholder concerns are, however, based on several important reasons.
First of all, we do not know how long the construction will take and will absorb funds. Investors are more accustomed to the fact that long-term government projects often depart from initial assumptions. Secondly, it should be remembered that PGE also has its capital expenditures and not small expenses. Already, the company does not pay dividends because of the tight investment program. The independent entry into the atom can be a significant burden for the company's finances and deprive investors of hope of dividends for many years.
Thirdly, it should be remembered that, if it is created, it will be our first nuclear power plant. We lack technology and know-how, so the price will be much higher than in other countries that already own nuclear power plants. On the other hand, subsequent installations of this type should be relatively cheaper. It is therefore unfortunate that the construction of the Zarnowiec power station, launched in the 1980s, has been completely abandoned. If it was created, we would now be in a completely different position about the atom.
Adam Torchała
Adam Torchała
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