Kraków combined heat and power plant investments pay off

One of Kraków's combined heat and power company, MPEC, owned by the city's council, plans to invest zł. 38 million this year, and estimates its net profit will amount to between zł. 12-15 million in 2003. "The range of investments is included in the 15-year development plan and the company can meet its objectives," said MPEC president Marek Jaglarz. The plant is using money obtained from, among others, the EU and the World Bank. The first source is co-financing the modernization and development of MPEC's power network, while the World Bank provided a non-repayable $2.4 million grant to insulate schools. The company started its investment program back in 1992. Last year, MPEC posted a net profit of zł. 7.9 million on revenues of zł. 332 million. (Parkiet, p. 6) M.M.