Poland's PGE, Enea, Tauron, Energa get state offers for coal assets (updated)

Enea AB

15/07/2023 17:14

(Adds detail in paragraphs 7 and 8)
       WARSAW, July 15 (Reuters) - Polish state-controlled
power utilities PGE, Enea, Tauron and Energa received offers
from the state treasury for their coal-fired power plants in a
planned overhaul of the energy sector.
    The treasury offered 849 million zloty ($214.23 million) for
PGE's mining and generation unit, 2.48 billion zloty for Enea's
Wytwarzanie unit and 632 million zloty for its Polaniec unit,
and 153 million zloty for Energa's Ostroleka power generation
unit. 
    The offer for the Tauron Wytwarzanie unit was a token 1
zloty along with repayment of some of the company's debt.
    Poland plans to spin off the state-owned utilities'
coal-fired power plants into a new state-owned company, NABE,
making it easier for Warsaw to focus on green energy as many
banks steer clear of financing coal-dependent companies.
    The move is a key step in a process which was due to be
completed last year but which was delayed amid negotiations with
trade unions and due diligence.
    Under the offer, NABE would have eight years to repay the
debt of PGE and Enea as well as part of the Tauron unit's debt.
    The treasury will guarantee the repayment of 70% of the PGE
unit debt of 5.4 billion zloty and 70% of Enea unit debts of
2.38 billion zloty.
    Tauron's generation unit debt, amounting to 6.3 billion
zloty as of last September, will be reduced by 652 million zloty
before the transaction by a conversion into its shares, while
2.1 billion zloty will be paid over eight years with
70%repayment guarantee from the treasury.     
     The companies said the proposed terms will be subject to
negotiation and the deal will only be concluded if all four
utilities agree. 

($1 = 3.9631 zlotys)

 (Reporting by Marek Strzelecki; Editing by Christina Fincher
and Mike Harrison)
 ((Marek.Strzelecki@thomsonreuters.com;))