EdF and EnBW have to be patient since Rybnik profit unlikely before 2004

Electricite de France (EdF) and Energie Baden-Wurttemberg (EnBW), who have jointly acquired a 35% stake in the Rybnik power plant, have accepted the fact that the company will not be profitable for at least three years. The two companies, which could soon own a majority stake in Rybnik after their planned purchase of an additional share package from the State Treasury, say they are not considering any major changes to how the power plant operates. "For the time being the investors are expecting us to do what we have already been doing for a long time - cutting costs," said Rybnik president Jerzy Chachula. "We are only using half of our production capacity, although we have the lowest costs out of all black coal power plants. Until free-market mechanisms are introduced in the Polish energy sector, this situation will not change," he added. According to Chachula, if the first results of the liberalization of the energy market are visible within two years, Rybnik should show a profit by 2004. (Puls Biznesu, p. 8) T.J.