Energa cools on govt. coal plans

The listed and state-controlled energy company is examining the Polish government's investment project with its advisors and expects to have detailed opinion next week, CEO Andrzej Tersa said.

The government wants NKW to take over the profitable coal mines of state-owned coal group Kompania Węglowa (KW), thus rescuing KW from bankruptcy. NKW would then seek investors.

Initially the investor in NKW was to have been a special fund, FIPP, formed by Bank Gospodarstwa Krajowego (BGK) and managed by the state-owned investment vehicle Polskie Inwestycje Rozwojowe (PIR).

The daily Puls Biznesu reports the Treasury Ministry wants energy companies also to directly provide a capital injection into NKW. State-controlled energy group PGE would provide PLN 400 million (about EUR 95 million), Energa PLN 300 million, PGNiG Termika (a subsidiary of listed group PGNiG) PLN 100 million and state-owned financial company TF Silesia PLN 100 million. Another PLN 300m would be provided by the fund, making the total investment in NKW at PLN 1.2bn.

Interested parties could become shareholders of NKW directly or acquire certificates in the FIPP. (jh)

Source: Puls Biznesu and Parkiet