Polish state takes over nuclear company to escalate pace

The Polish state treasury has taken full ownership of PGE EJ1, the company charged with managing the country’s planned first nuclear power station, for about €114m in what was said to be “an element in preparation for realisation” of the Polish nuclear power programme.

Polish power company Polska Grupa Energetyczna (PGE) said on 26 March that it had sold to its shares in PGE EJ1 to the State Treassure, following several months of negotiations. The sales contract was signed by all entities holding shares in PGE EJ1. PGE owned 70%. and Enea, KGHM Polska Miedz and TAURON Polska Energia 10% each. The Treasury will pay approximately PLN531 million ($134m) for all shares in the company, and PGE will receive nearly PLN372 million for its shares.

In 2014, PGE, which was then the sole owner of PGE EJ1, sold 30% of its stake to the other three stakeholders. The Treasury, as custodian of all of Poland’s state assets, owns majority shares in PGE (58%) and Enea (51%) and is a minority shareholder in Tauron Polska (30%) and KGHM Polska Miedz (31%).

Acquisition by the State Treasury of 100% shares in PGE EJ 1 is in preparation for implementation of the Polish Nuclear Power Programme, adopted by the Council of Ministers in October 2020. The result of activities carried out by PGE represent an essential contribution to the documentation that will enable the Government to make a binding decision regarding the choice of technology and partner for the construction of NPPs in Poland, said Piotr Naimski, Government Plenipotentiary for Strategic Energy Infrastructure, who signed the contract on behalf of the State Treasury.

This ends the involvement of PGE and other partners in the project to build Poland’s first NPP. In the second half of 2021, PGE EJ1 will complete the report on the environmental impact for the project and the siting report, which are needed to obtain an environmental and siting decision. “This is a good time for the project to be taken over by the State Treasury”, said Wojciech Dabrowski, President of the Management Board of PGE. “The government will give the investment the appropriate priority, and using its resources and abilities, it will select the best partner, site and technology for the first Polish nuclear power plant.”

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