PGE decides to acquire EDF's Polish power plants for $1.2 billion

22/05/2017 10:50 Energy Market


Poland's biggest electricity producer PGE has decided to purchase French group EDF's local power and heating plants for 4.51 billion zlotys ($1.2 billion) counting debt, in a move to raise market share and give the state more control over the country's energy assets.

In March Enea, another state-run utility, signed an agreement to acquire the 1.9-gigawatt capacity Polaniec coal-fired power plant from French conglomerate, Engie. 

The deal to purchase EDF's plants, which comprise eight combined heat and power plants and a 1.8-gigawatt coal-fired power plant at Rybnik, in the south of the country, is likely to be finalized by 2nd of January 2018, PGE declared.

The sale of the EDF business was blocked last year by the energy ministry to two private investors - Australia's IFM Investors and Czech utility EPH, mentioning worries over the nation's energy security. 

Tchorzewski announced that following the purchase, PGE's share of the country's electricity generation capacity would rise from 36 percent to 45 percent, while PGE stated that the acquisition of the cogeneration plants would increase its district heating interests by 177 percent.

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Daily (02.06.2020): The British spot gas dived by 5.6% on Monday after the resumption of Russian flows

02/06/2020 09:18:00

Crude oil futures diverged on Monday, with Brent crude for August delivery surging by 8.5% to close at $38.32 a barrel amid hopes that OPEC+ producers will meet this week, earlier than previously planned, to discuss about a further extension of output cuts. Meanwhile, U.S. WTI crude was rather stable at $35.49 a barrel, but under the effect of increasingly hostile relations between the United States and China.