Polish energy companies slide on windfall tax plans

Energa S A

26/09/2022 08:43

** Polish utilities PGE  PGE.WA , Tauron  TPE.WA  and Enea
 ENAE.WA  slide 3-6% as the Polish government plans to use a
windfall tax on energy companies
    ** Shares in Polish refiner PKN Orlen  PKN.WA , the owner of
utility Energa  ENGP.WA , drop more than 6%
    ** The Warsaw energy index  .ENER  falls 5.5%, most since
Russia's invasion of Ukraine in February
    ** Poland expects to raise 13.5 billion zlotys ($2.75
billion) from taxing utilities to offset the impact of rising
bills on households  urn:newsml:reuters.com:*:nL1N30W03Z
    ** "Clearly negative for PGE and other utilities as it seems
that the retail electricity price freeze is likely to be
financed from the windfall tax," Ipopema Securities analyst
Robert Maj writes
    ** "All in all we await the details of the regulations
however for now utilities are at risk to bear the brunt (of the
changes)," he adds
    ** At 0730 GMT, PGE shares dropped 6.2%, Tauron was down
5.6%, while Enea and PKN Orlen fell 4.9% each
($1 = 4.9074 zlotys)
 (Reporting by Karol Badohal)
 ((karl.badohal@thomsonreuters.com))