PGE, Enea, Tauron and KGHM sign nuclear plant deal

Major Polish utilities PGE, Enea, Tauron and mining group KGHM have signed a final agreement on their stakes in nuclear program SPV PGE EJ1. PGE will hold a 70 percent share in the company and the other partners will hold 10 percent each. The stakeholders have also agreed to proportionally co-finance the construction of Poland’s first nuclear plant. They expect the cost to reach some PLN 1 billion, PGE said in a press release on Wednesday. The companies signed an initial agreement on the cooperation in September last year. They will make a final decision on carrying out the nuclear plant project most likely in 2017, after having analyzed the market conditions that have impact on the investment, the statement also said. In January 2014, the Polish government approved a nuclear energy program, which stipulates for the construction of the country's first nuclear power plant by 2024.