October 21, 2021

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Power plants in Poland.  Transforming the Energy Sector, changes to the PGE, Enea and Tauron - MAP program

Power plants in Poland. Transforming the Energy Sector, changes to the PGE, Enea and Tauron – MAP program

In the second quarter of this year, the Cabinet will adopt a transformation program for the electricity sector in Poland, according to information published on government websites. The program provides for the separation of coal-based generation assets from the PGE, Enea and Tauron power groups into a separate entity.

The Ministry of State Assets is responsible for the program. “The government program implements the“ Polish Energy Policy until 2040 ”in the field of ownership supervision over companies that own the shareholding state treasury and aims to adapt energy companies to the challenges of energy transformation” – we read in the list of legislations and the program Cabinet of Ministers.

The fact that the program prepared in the MAP was included in the list of legislative and programmatic actions of the Council of Ministers was announced last Tuesday by the Deputy Minister of State Assets, Artur Soboy, during a session of the Permanent Parliamentary Subcommittee on Just Transition.

The program assumes that the National Energy Security Agency (NABE) will receive coal-fired power generation assets from PGE, Tauron and Enea – these groups currently own a total of 70 coal-fired units. Lignite mines will also be delivered to Nabi, but there will be no hard coal mines.

As Deputy Minister Suboy informed earlier, the implementation of the program – after approval by the Cabinet – will continue until the end of 2022. The approval of the program by the government will be preceded by the practical separation of coal assets for individual energy groups with the participation of the state treasury and the consolidation of these assets in NABE. Scheduled to be a commercial law firm 100% owned by the State Treasury, which will take over the coal generation assets of PGE Polska Grupa Energetyczna, Tauron Polska Energia and the Enea Group.

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Perform an energy-controlled switching

The Ministry of State Assets wants to settle the planned deal to be preceded by an assessment and due diligence – it concerns, among other things, o allocating debt and determining the value of the deal. The coal asset integrator will be PGE Górnictwo i Energetyka Konwencjonalna, which will start operating as a company – the National Energy Security Agency.

“The role of NABE will be to ensure the necessary energy balance in the energy system, limited to the necessary alternative investments and the gradual shutdown of coal-fired units along with the gradual increase in energy from low and zero-emission sources, ensuring the country has energy security. Thus, the separation of coal assets It will enable a controlled transformation. Energy “- referred to in MAP in the information on the causes and the need to implement the solutions planned in the project.

“Separating generation assets into a separate entity will reduce regulatory and climate risks for power sector companies. This will significantly increase companies’ ability to invest in new wind farms, photovoltaic power plants, gas stations, and energy storage, by reaching a wider and more attractive proposition for enterprises. ” Financial, inaccessible to companies that have a so-called carbon footprint, ”- explained the Ministry of Assets.

The greatest possibilities for obtaining debt financing on favorable terms (including green bonds, bonds in the ESG form) are to facilitate acceleration of the implementation of investment projects, which – as indicated by the MAP – will be of great importance to energy security in the state.

Public aid

NABE will implement the maintenance and modernization investments needed to keep the coal units in operation efficient. “Thus, it will ensure a safe and sustainable transition due to the provision of the energy needed to balance the national power system. Along with connecting new low- or no-emission generating sources to the Polish power system (National Power System – ed.), The Ministry of Assets stated that NABE will withdraw from Use of used coal-fired units.

The ministry assumes that NABE will benefit from public aid. “The detailed solutions related to the support mechanism will be subject to separate regulations – and due to the limitations resulting from European regulations regarding the functioning of the internal market – they must be approved by the European Commission” – MAP informed.

Main Image Source: ENEA

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