State-owned utilities to finance PGG coal group

On Tuesday, coal group PGG signed an agreement with the largest coal company in Poland and Europe – Kompania Węglowa (KW). The agreement was the last stepping stone needed for PGG to start its operations. It will be funded by state-controlled utilities.

Locked content Banks may convert PLN 500 mln of KW coal mine debt into equity

“Banks could convert up to PLN 0.5 billion in coal mine KW debt into equity,” said deputy Energy Minister Grzegorz Tobiszowski. According to the minister, the conversion would affect a third of KW’s debt versus banks, including BZ WBK, BNP Paribas, PKO BP, BGK and Alior. “Tal...

Locked content Kompania Węglowa recalls president

The supervisory board of Kompania Węglowa has recalled Krzysztof Sędzikowski from his position as president of the company and nominated board member Tomasz Rogala to take his place as a caretaker for three months, the Ministry of Energy announced on Thursday. The move is part of a wider government ...

Locked content Nowa Kompania Węglowa to be created by mid-2016

Nowa Kompania Węglowa, a vehicle that is to replace troubled Kompania Węglowa mining company, will be established by mid-2016, according to deputy energy minister Grzegorz Tobiszewski. The previous government initiated works on the new venture, and the new administration will continue it, although t...

Locked content PGE, PGNiG and Energa to rescue Kompania Węglowa

The Ministry of the State Treasury has been trying to convince state-controlled blue-chip firms to invest in Nowa Kompani Węglowa for a while. According to treasury minister, Andrzej Czerwiński, utilities PGE, PGNiG Termika and Energa will engage in saving the troubled mine. “We have declarati...

Locked content PM Kopacz: Poland to build large coal-energy group

Poland has started to build a large fuel-energy group with its decision to transfer the European Union’s largest coal mine,Kompania Węglowa to a state-controlled fund to avoid the miner’s bankruptcy, Prime Minister Ewa Kopacz said. “Kompania Weglowa safely enters … TF Silesia...

Locked content PGNiG considering supporting Kompania Węglowa

PGNiG Terminka, a subsidiary of PGNiG said in a statement that it will consider analyzing joining the project to save troubled Kompania Węglowa mine, presented by the Ministry of the State Treasury on Thursday. “We inform that PGNiG Termika will consider conducting analysis of acquiring a stak...

Locked content Government has new plan for Kompania Węglowa

The government has decided to transfer up to 100 percent of Kompania Węglowa (KW) shares to the TF Silesia fund, treasury minister, Andrzej Czerwiński informed. Consequently the fund will acquire 11 mines included in KW. “TF Silesia will be the pillar of a strong energy-fuel concern. The energ...

Locked content Nowa Kompania Węglowa to be created with delay

Amid the information that the European Commission may not approve Poland’s plan of restructuring domestic mining, the Polish government revised its plans regarding establishing Nowa Kompania Węglowa, a vehicle that is to replace troubled Kompania Węglowa mining company. “The EC signaled ...