Gov't delays privatization of leading power group

Following yesterday's Cabinet meeting Deputy Treasury Minister Ireneusz Sitarski told a news conference that the IPO of top power holding Poludniowy Koncern Energetyczny (PKE), whose combined annual sales reach $900 million, may be delayed until 2004, "Because we are planning to add new assets to PKE," said Sitarski. Under a revised strategy for the power sector, the government plans to consolidate the fragmented power generation companies, as well as merge lucrative assets in the energy distribution sector. The Deputy Minister said that PKE, which has an 18% stake in the domestic energy market, would take over the Elektrownia Stalowa Wola power plant and three combined heat and power stations. (Reuters) M.M.