Poland's Enea says dividend policy hinges on future of coal assets, regulation

Enea SA

19/09/2024 13:56

WARSAW, Sept 19 (Reuters) - Enea  ENAE.WA  has to secure
financing for big investments and needs more clarity about the
future of coal assets and market regulation before it can
present a long-term dividend policy, the Polish utility's chief
financial officer said on Thursday.
    Utilities are investing heavily, including in green energy
sources to meet EU regulations and cut coal dependency. Enea,
which had 0.5 GW of green energy capacity at the end of June,
plans to increase that by more than 0.8 GW over 2024-2026.
    "We have to invest, but invest wisely to build the renewable
energy leg of the energy company, but to do this we must have
money for it...We want to return to a normal dividend policy, a
dividend paid by a healthy organisation", Marek Lelatko said at
a conference. 
    "I hope that the issue of coal assets will be clarified in
the next few to a dozen or so months. There is also the issue of
regulations...This will allow us to plan our business better and
return to a normal dividend cycle," he added.
    Under the previous government, Poland planned to spin off
coal-fired power plants from state-controlled utilities to
increase the focus on green energy, and as banks seek to avoid
financing coal-dependent companies. 
    The plan was scrapped last year and the new government has
yet to announce an alternative.
    
    

 (Reporting by Anna Koper and Marek Strzelecki; Editing by
Kirsten Donovan)
 ((anna.koper@thomsonreuters.com;))