Elektrim welcomes news of consolidation within the ZE PAK group

The management of the Konin and Adamow power plants, (part of the ZE PAK group), yesterday signed a letter of intent for the two entities to merge. The news was welcomed by the group's strategic investor Elektrim. The move puts an end to the state's plans to use the shares of ZE PAK to increase the capital of Poludniowy Koncern Energetyczny (PKE). Commenting on the news, Elektrim said, "All the companies operating within one structure would allow us to better control the costs of energy generation." ZE PAK produces 11% of the nation's energy and is the second largest power station that uses brown coal. Around 50% of ZE PAK shares are controlled by the state, 38.5% by Elektrim with the rest owned by PAK employees. (Parkiet, p. 5) J.K.