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Signing of the MoU regarding commencing of cooperation in nuclear energy field with EDF

  • No. of the report: 13/2009
  • Report date: 18.11.2009
  • Report legal ground: Other regulations

Contents of the report

The Management Board of PGE Polska Grupa Energetyczna S.A. („PGE”) informs that PGE signed on November 17, 2009 Memorandum of Understanding (“MoU”) with Electricite de France S.A. (“EDF”) regarding commencing of the cooperation in the nuclear energy field.

PGE and EDF signed MoU in order to set forth the rules of cooperation in analyzing:
(i) the feasibility of developing EPR (Evolutionary Power Reactor, technology of Areva) in Poland.
(ii) the feasibility of constructing the first Polish nuclear plant using the EPR technology by 2020.

PGE and EDF agreed also to start discussion about possibilities of industrial partnership in construction of nu clear power plants in Poland.

MoU does not create exclusivity for EDF in cooperating with PGE in area of nuclear energy. PGE plans to sign similar memoranda with other partners.

MoU was signed as a result of initial negotiations with potential partners who have experience in the implementation and operations of nuclear power plants, as described in the Chapter XIII of the Prospectus.

According to the strategy, PGE is currently considering the construction of two nuclear power plants, with an initially assumed capacity of approx. 3,000 MW each. The initial plan is for the first plant to be commissioned by the end of 2020. Subsequent units would be commissioned every two or three years thereafter

Legal basis: p. 1 and 2 of Recommendation include in document “Code of Best Practise for WSE Listed Companies” adopted by the WSE Supervisory Board No. 12/1170/2007 dated July 4, 2007.