Go back

Closing of the investment project Opole II (construction of units no 5 and 6 in PGE GiEK S.A. Branch Elektrownia Opole)

  • No. of the report: 26/2013
  • Report date: 05.04.2013
  • Report legal ground: Art. 56 section 1 p. 1 of Act on Public Offering – confidential information

Contents of the report

The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”) discloses that on April 4, 2013 the Management Board of PGE Górnictwo i Energetyka Konwencjonalna S.A. (subsidiary of PGE) decided to close the investment project Opole II of construction of new hard coal-fired units no 5 and 6 in Branch Elektrownia Opole.

Changes on the energy market and in the macroeconomic environment limited economic efficiency of this investment for PGE.

The analyses, which were carried out, indicate that regarding the PGE’s generation portfolio, mainly based on lignite, and other investment projects that are being executed in PGE Group, continuation of the project Opole II would not be value creative for the PGE’s shareholders.

Legal ground: Art. 56 section 1 point 1 of the Act on public offering, conditions governing the introduction of financial instruments to organised trading, and public companies (Dziennik Ustaw of 2009, no 185 item 1439).