Poland's Tauron considers selling some coal mines: sources

13/05/2019 08:49 Coal


State-run Polish utility Tauron may sell some of its loss-making coal mines to try to improve its financial situation, three sources familiar with the matter said.

Tauron is the most indebted of Poland’s energy groups and faces costs related to a cap on electricity prices, putting pressure on its ability to sustain the mines.


Coal output at Tauron’s mining unit fell to 5 million tonnes last year from 6.45 million a year earlier, while the business’s operating loss increased to more than 1 billion zlotys ($262 million)from 211 million in 2017. The group’s net profit fell to 205 million zlotys from 1.38 billion in 2017.


Last year, wholesale power prices in Poland, which generates most of its electricity from coal, jumped following a surge in the cost of CO2 emissions and in coal prices.


To prevent a jump in prices for households, which are normally set by the market regulator, parliament adopted a law capping the price at the level seen in mid 2018. It also introduced an industry price cap and proposed compensation for utilities to cover the difference, but it still has to ensure the plans don’t violate European Union rules on state aid.

Source: reuters.com

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14/06/2019 09:04:00

The Fluxys-operated Zeebrugge liquefied natural gas terminal in Belgium booked a pair of cargoes of LNG from Qatar.


Britain's SSE plans to shut its last coal-fired plant by March 2020

14/06/2019 09:01:00

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Daily (13.06.2019): WTI futures lost 4% on Wednesday, due to rising crude inventories and weaker demand outlook

13/06/2019 10:53:00

Crude oil prices tumbled on Wednesday, amid higher U.S. crude inventories and poorer demand outlook. US-China trade negotiation also weighed on prices. As a result, Brent crude plunged by 3.7% to $59.97 a barrel, while WTI futures lost 4% to settle at $51.14 a barrel.