PGE Polska Grupa Energetyczna signed a letter of intent with the State Treasury, regarding the acquisition of 100% of shares in PGE EJ 1 by the State Treasury.
The letter of intent was signed by: Government Plenipotentiary for Strategic Energy Infrastructure Piotr Naimski – on behalf of the State Treasury represented by the Prime Minister – and representatives of all entities holding shares in PGE EJ 1, i.e. PGE Polska Grupa Energetyczna, ENEA, KGHM Polska Miedź and TAURON Polska Energia.
The energy industry is currently undergoing a profound transformation and such a large investment in the nuclear project exceeds the financial capabilities of the power companies. That is why today we are signing a letter of intent with the State Treasury opening negotiations on the possibility of the government administration taking over the entire investment in the first nuclear power plant in Poland – says Wojciech Dąbrowski, President of the Management Board of PGE Polska Grupa Energetyczna. In the perspective of rapid development of renewable energy sources and gradual phase-out of conventional power generation, nuclear power will be an important element of the energy system based on low and zero emission generation.
The entities signing the letter of intent undertook to carry out in good faith all actions necessary for the preparation and execution of the transaction consisting in the acquisition of shares in PGE EJ 1 by the State Treasury. The intention expressed in the letter of intent is for the State Treasury to acquire shares in PGE EJ 1 by December 31, 2020.
The letter of intent does not entail any obligation on the part of the parties to carry out the transaction, and the decision to carry it out will depend on the results of planned negotiations in this respect and the fulfilment of other conditions specified in legal regulations or corporate documents.
PGE EJ 1 is a special purpose vehicle responsible for the preparation and implementation of a project to build and operate the first Polish nuclear power plant. PGE holds 70% of the shares in PGE EJ 1 sp. z o.o., ENEA, KGHM Polska Miedź and TAURON Polska Energia each hold 10% of the shares in PGE EJ 1. Currently, the activities of PGE EJ1 are focused on the preparation of the Environmental Impact Report (EIR) and the Location Report. At the same time, location and environmental research is continued in the two location options under consideration: "Lubiatowo-Kopalino" (Choczewo Municipality) and "Żarnowiec" (Krokowa and Gniewino Municipalities). The completion of the reports is scheduled for the second half of 2021.