Poland's Tauron considers selling some coal mines: sources

13/05/2019 08:49 Coal

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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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