Tauron, KGHM withdraw from the nuclear project. PGE remains its leader – Tchórzewski

WSE-listed, state-run power utility Tauron and copper and silver giant KGHM will be exempt from the country’s nuclear power plant project, Energy Minister Krzysztof Tchórzewski said. “From the point of view of financial possibilities, I have to withdraw Tauron and KGHM from the project. KGHM has troubles with foreign assets and Tauron is realizing a large investment in Jaworzno, while their planned involvement would have to reach PLN 800-850 million,” he explained. Other state-run utility, WSE-listed Enea is also looking for the way out from the project. “When it comes to Enea, the company got involved in building the Ostrołęka power block, it also wants to realize the coal gasification project near Bogdanka and would also probably want to withdraw from this project,” Tchórzewski added. He said that state-run PGE is maintaining its leading role in the project, contrary to media rumors. “No such decision has been made. PGE still has the leading role.” He admitted, however, that the project needs a strategic investor “that will lead the way” and such talks are ongoing. Asked whether fuel giant Orlen could step in this role, Tchórzewski didn’t provide a straight answer “the company is in the process of a huge transformation.” Back in 2014, PGE, Enea, Tauron, and KGHM set up an SPV responsible for building Poland’s first nuclear power plant. PGE holds a 70 percent share in the company and the other partners have 10 percent each.