PGE, Tauron, Enea and Energa signed an agreement with the Treasury Department, represented by State Assets Secretary Jacek Sasin, to create the National Energy Security Agency (NABE).
All companies indicated that the signed agreement contains the most important preconditions of the intended transaction.
The companies also announced that as part of the work for the separation of coal assets and their integration into NABE, the Minister of State Assets, Jacek Sasin, has submitted proposals for the acquisition of coal assets by the Treasury.
PGE, Tauron, Enea and Energa
PGE received a proposal to sell all shares in PGE Górnictwo i Energetyka Conventional to the Treasury. According to the document, the sale price of PGE GiEK shares is PLN 849 million based on the enterprise value as of September 30, 2022, adjusted for net debt.
Tauron announced that it had received from the Treasury Department a proposal for a non-binding document summarizing the terms of the Treasury Department’s acquisition transaction of all shares in Tauron Wytwarzanie. The value of the transaction consists of two elements: the price for the shares of VA (sale price) and the value of VA’s debt to the issuer that will be repaid. The Ministry of Finance proposed the purchase of VA shares for the sale price of PLN 1, together with the repayment of the debt of VA to the issuer existing on the date of the purchase of VA shares by the Ministry of Finance (closing date) . Tauron also announced that the debt as of September 30, 2022 was over PLN 6.3 billion (this amount is debt plus accrued interest until September 30, 2022). The debt will be reduced by PLN 652 million at the closing date as a result of the conversion of part of TW’s existing debt to the issuer into TW’s equity.
Enea received a proposal from the Ministry of State Property to purchase all shares in Enea Wytwarzanie and Enea Elektrownia Połaniec, together with their subsidiaries owned by the company, by the Treasury. According to the document, the sale price of EW shares is more than PLN 2.4 billion.
Energa announced that Energa Wytwarzanie (a wholly owned subsidiary of Energa) has received from the Ministry of Finance, represented by the Minister of State Assets Jacek Sasin, a proposal for a non-binding document summarizing the terms of the purchase transaction of all shares in Energa Elektrownie Ostrołęka held by EWYT, representing 89.64 percent share capital of EEO. According to the document, the sale price of EEO shares is PLN 153 million based on the value of the company determined according to the mechanism on September 30, 2022.
National Energy Security Agency
Assets associated with the generation of electricity in conventional coal-fired units should be segregated from capital groups of power companies by Treasury’s share of NABE. After segregating coal assets, energy concerns should focus on implementing low- and zero-emission investments.
The National Energy Security Agency will operate in the form of a company with 100% share of the state treasury.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
