Polish Atomic Programme: shareholder agreement concluded

Polish Atomic Programme: shareholder agreement concluded

Four Polish companies concluded a shareholder agreement concerning the developing project of the first Polish nuclear power plants. The agreement signed on the 3rd of September, 2014, obliges the parties to follow a common - proportionate to the shares held - financing of activities connected with investments in the period of the next three years. The partners anticipate that the total costs will amount to around PLN 1 billion, which equals approximately Euros 195 m.

Then, it is planned to select a strategic partner, a technology provider, a contractor for the atomic power plant in the turnkey formula (the so-called EPC - engineering, procurement, construction), to become the supplier of the atomic fuel and obtain the necessary financing for the project.

To this end, integrated proceedings will be conducted, which will join the key elements of the atomic project in one tender. Currently, preparations are taking place in the core areas which will enable the commencement of such proceedings at the beginning of next year. What is being agreed is, for example, the mode of conducting the project, and the conclusion of an agreement is being finalised with the contract engineer who will support the company in its proceedings, along with the whole investment cycle.

The atomic programme which has so far been initiated by PGE Polska Grupa Energetyczna, has now become truly national as from today. “The co-operation of four companies increases the possibility of constructing an atomic power plant in Poland,” declared Zdzisław Gawlik, Vice-Minister of the Treasury.

Nuclear energy is one of the strategic development directions of PGE Polska Grupa Energetyczna. “The most important advantages of the technology include: practically zero emissions of CO2, a relatively low - in relation to other technologies - share of the fuel in the costs of generation, and similarly low sensitivity to potential changes in the price of this fuel,” Marek Woszczyk, President of the Board of PGE Polska Grupa Energetyczna, asserted.

PGE Capital Group remains the leader of the atomic programme, and the specially-designed company, PGE EJ1, is to be the power plant's operator in the future. The organisational and competence preparation of PGE EJ1 in its role, as being responsible for its safe and efficient operation, is also a major goal of the shareholders’ agreement.

Decisions regarding their further engagement in the project of construction of the first atomic power plant, expected in 2017, will result from such factors as analysis of the macroeconomic environment, the shape of the energy and climate policy, and regulatory mechanisms, guaranteeing the economic foreseeability of the investment.

“We are well aware that the key element of success will be rational support from the state, even thanks to the capacity market mechanism,” proclaimed Krzysztof Zamasz, President of the Board of ENEA.

“Our participation in the project is a chance for a long-term guaranteeing of electricity supplies for the core operations of KGHM at a predictable price, and therefore, becoming independent from market purchases. Additionally, the project is a form of security against strict goals of the climate and energy policy of the European Union. Furthermore, we are aware of the fact that the start-up of the atomic power plant may be an outstanding opportunity for the further development of the Polish economy,” Herbert Wirth, President of KGHM Polska Miedź, emphasised.

“In approximately ten years, several hundred megawatts in the generating portfolio of TAURON Group will come from nuclear energy. It stems from our corporate strategy, providing for the start-up of new capacities in the most efficient technologies. Currently, we are diversifying fuels, realising coal, gas and RES-based investments. The atomic project will allow us, for instance, to increase the percentage share of non-emission technologies in the Group. From the beginning, we supported the realisation of the first nuclear project in its present formula, in other words, with the engagement of the key Polish entities,” Dariusz Lubera, President of the Board of TAURON Polska Energia, proudly elaborated.

Source: ENEA

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