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Monday, May 20, 2024

NABE is born. PGE, Enea and Tauron go up strongly on the WSE. Action madness

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Most of the major indices are up on Monday afternoon. In terms of sectors, WIG-Energia continues to dominate. Among the largest companies, the shares of PGE record the strongest increases, while on the broad market Enea and Tauron gain the most.

Approx. time. 14.45 WIG20 grew by 0.18 percent and WIG by 0.48 percent. WIG-Energia is growing the most by sector (+14 percent).

Impact of coal assets acquisition proposal

On Saturday, it was reported that PGE, Enea, Tauron and Energa received from the State Treasury proposals for the conditions for the takeover of coal assets in order to create the National Energy Security Agency (NABE). The documents include e.g. purchase prices and the proposed debt settlement mechanism towards the companies from which the assets will be separated.

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NABE, created on the basis of the company PGE Górnictwo i Energetyka Conventional, will receive coal generation assets of state-controlled energy companies and lignite mines. This is to allow these companies to gain investment opportunities for other types of sources, e.g. RES.

The proposal to buy coal assets by the State Treasury is a positive signal for investors, as it makes the process of creating NABE more credible, said Kamil Kliszcz, an analyst at mBank’s Brochure. In his opinion, the proposed valuation of PGE’s assets is a negative surprise.

However, this does not bother investors. Before 3 p.m., PGE’s shares were growing the most among blue chips, i.e. companies from the WIG20 index (+15%).

In mWIG40, the strongest gainers were: Enea (+31%) and Tauron (+22%)

PGE’s quotations on the Warsaw Stock Exchangestooq.pl

NABE – proposal of the State Treasury

Pursuant to the government’s proposal, the sale price of PGE Górnictwo i Energetyka Kontrolalna (PGE GIEK) is PLN 849 million. PGE GiEK’s debt to PGE Polska Grupa Energetyczna in the amount of PLN 5.4 billion will be repayable within 8 years from the moment of concluding the transaction, and the repayment of 70 percent will be made by PGE GiEK. of the debt will be guaranteed by the State Treasury. Any remaining debt as at the date of purchase of PGE GiEK shares by the State Treasury will be repaid by NABE from the loan granted to NABE by the banks as part of the transaction.

The sale price proposed by Energa Wytwarzanie for Energa Elektrownie Ostrołęka is PLN 153 million.

As far as Enea is concerned, the proposed selling price of Enea Wytwarzanie shares is PLN 2.479 billion, and PLN 632 million for Enea Elektrownia Połaniec shares. The document provides that the debt of the subsidiaries towards Enea in the amount of PLN 2.38 billion will be repaid over 8 years from the moment of the transaction, and the repayment will be covered by a guarantee from the State Treasury up to the amount of 70%. debt.

The purchase value of Tauron Wytwarzanie consists of two elements: the price for TW shares and the value of TW’s debt to Tauron Polska Energia, which will be repaid.

It was reported that the State Treasury proposed to purchase the shares of Tauron Wytwarzanie for the sale price of PLN 1 along with the repayment of TW’s debt to Tauron existing as at the date of purchase of the shares by the State Treasury. Tauron announced that as at September 30, 2022, the debt amounted to PLN 6.3 billion – this amount is the loan capital plus accrued interest until September 30, 2022. The debt until the date of purchase of shares will be reduced by PLN 652 million as a result of the conversion of part of the existing debt to equity of Tauron Wytwarzanie.

Part of the debt in the amount of PLN 2.1 billion will be repayable over 8 years, and the repayment will be covered by a guarantee from the State Treasury, which corresponds to 70% of the debt. debt. The remainder of the debt is to be repaid by NABE from a loan provided to NABE by the banks.

As stipulated, the documents received do not constitute an offer or obligation to conclude any contract; it will be the subject of negotiations between the companies and the State Treasury. Each of the transactions will be carried out only in the event of a positive conclusion of negotiations between the State Treasury and all companies, i.e. Tauron Polska Energia, PGE Polska Grupa Energetyczna, Enea and Energa.

Read also: Another step towards the creation of NABE. Energy companies with proposals

Main photo source: Rafał Guz/PAP

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