Go back

Agreement regarding co-operation in spin-off of coal assets to National Energy Security Agency

  • No. of the report: 24/2021
  • Report date: 23.07.2021 14:40
  • Report legal ground: Art. 17 sect. 1 of MAR – inside information.

Contents of the report

The Management Board of PGE Polska Grupa Energetyczna S.A. (”PGE”) discloses that on July 23, 2021 PGE, ENEA S.A., TAURON Polska Energia S.A., Energa S. A. (jointly the ”Power companies”) and the State Treasury (jointly referred to as the ”Parties”) have concluded an agreement regarding co-operation in spin-off of coal assets and their integration within National Energy Security Agency (the ”Agreement”).

In the document titled ”Transformation of the power sector in Poland. Separation of coal assets from the companies with State Treasury shareholding” (the ”Transformation”), developed by the Ministry of State Assets, a concept was presented regarding spin-off from particular Power companies’ capital groups of assets related to generation of electricity in conventional coal-fired units (the “Coal assets”). The Transformation assumptions include, inter alia, integration of Coal assets within one entity, i.e. PGE Górnictwo i Energetyka Konwencjonalna S.A. – PGE’s subsidiary, which will ultimately operate as the National Energy Security Agency (“NABE”).

Considering the above, the Parties to the Agreement notice the need for co-ordination of co-operation in the planned process of the Coal assets spin-off and their integration within NABE. Under the Agreement, the Parties declare mutual exchange of necessary information, including organisational structures, processes and assumptions for the direction of the Transformation, handing over of which does not violate the law. The Agreement will allow for structured and efficient implementation of the process aimed at the set-up of NABE.

gkpge_relacjeInwestorskie_site