P-5 Group becomes Enea, privatization to follow in 2004?

The Treasury Ministry has decided to incorporate the western energy distribution companies of Szczecin, Gorzow, Zielona Gora and Bydgoszcz, into the Poznan Energy Company (EP). The new venture, which until now was known as the P-5 Group, will begin operations on January 1, 2003, under the new name, Enea. If all goes according to plan (which first have to be accepted by the government), then privatization of the consolidated group will commence in 2004. Next year will be one focused on restructuring, which will include the formation of a centralized company, which will represent the group on the bulk energy market. The parent company will also control the network infrastructure. "Initially the enterprise will have five subsidiaries, which will be the combined energy distribution companies. The subsidiaries will not be legal entities, but they will control their own budgets and operate under the name of Enea. We plan to have the customers of these entities served by a newly formed unit specializing in customer relations, which will also focus on sale of energy, and in the future other products such as gas," said the director of EP, Jerzy Gruszka. Enea will control over 14% of the energy distribution market, with revenues of zl. 3.57 billion and net profits of zl. 42.45 million. It will employ a total of 7,700 workers. (Puls Biznesu, p. 3) A.K.