Power consortium's plan to be leading energy-producer

The Treasury is planning to sell 35% of shares of Southern Energy Conglomerate (PKE) at the end of next year:15% will probably be purchased by institutional and sector investors, and 7% by passive investors such as pension funds. PKE is to invest about $800 million over the next 10 years with at least 30% of the money coming from its own funds. The power consortium was created in May, making it the largest energy producer in Poland. Currently, it has a 15.6%-share of the energy-producing sector and is planning to increase its share to 17% with output of 4,300 megawatts. Last year it had net revenue of zl. 2.56 billion. Forecasts predict revenue should reach zl. 3.5 billion annually between 2003 and 2005, with gross profit in the region of zl. 500 million each year. (Prawo i Gospodarka, page 2) M.M.