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National Energy Security Agency. Proposed conditions for the purchase of coal assets for PGE, Enea, Tauron and Energa

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The State Treasury submitted proposals for non-binding documents summarizing the conditions for the purchase of coal-fired generation assets for PGE, Enea, Tauron and Energa from the Orlen Group. According to the companies in the announcements, the goal is to establish the National Energy Security Agency (NABE).

The announcements made by the companies on Saturday show that on Friday they received from the State Treasury, represented by the Minister of State Assets, proposals for non-binding documents summarizing the conditions for the acquisition of coal generation assets in order to create NABE. The documents include e.g. purchase prices and the proposed debt settlement mechanism towards the companies from which the assets will be separated.

As the minister wrote on Twitter Jacek Sasin: “We are entering the final phase of the #NABE establishment. This is a step towards energy transformation and strengthening security.”

Proposal to purchase coal assets

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The sale price of the company PGE Górnictwo i Energetyka Conventionalna (PGE GIEK) by PGE amounts to 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 proposed sale price by Energa Wytwarzanie of Energa Elektrownie Ostrołęka amounts to PLN 153 million.

When it comes to Enea, the proposed sale price of shares in Enea Wytwarzanie is PLN 2.479 billion, and shares in Enea Elektrownia Połaniec PLN 632 million based on the value of enterprises determined according to the locked-box mechanism as at September 30, 2022, adjusted by the value of net debt. 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 the shares will be reduced by PLN 652 million as a result of the conversion of part of the existing debt into the equity of Tauron Wytwarzanie.

Investment opportunities for other types of sources

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. The documents agreed and signed by the parties will be the basis for the Minister of State Assets to submit an application for the purchase of assets to the Prime Minister. 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. In December 2022, the Minister of State Assets, representatives of energy companies and trade unions signed a social agreement accompanying the creation of NABE.

Read also: Companies at war with the opposition. “This is a political advertisement”, “unacceptable”

Main photo source: tauron.pl



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