Polish energy stocks shoot up after state offers for coal assets

Energa S A

17/07/2023 09:18

** Poland's WIG Energy Index  .ENER  shoots up more than 13%
after state-controlled power utilities PGE  PGE.WA , Enea
 ENAE.WA , Tauron  TPE.WA  and Energa  ENGP.WA  got state offers
for coal assets on Saturday
    ** The treasury offered 849 million zloty ($214.55
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
    ** "In our view, the news is the most positive for Enea and
Tauron and the least for PGE. According to our calculations, in
total NABE will pay EV 17.4 billion zlotys for coal assets,"
Trigon analyst Michal Kozak says
    ** Enea tops the index with around 25% rise, followed by
Tauron that rises 21% and PGE with 13% jump

($1 = 3.9572 zlotys)

 (Reporting by Patrycja Zaras)
 ((Patrycja.zaras@thomsonreuters.com))