Vattenfall to invest zl.2.7 bn into GZE energy distributor

Sweden's energy giant Vattenfall will invest at least zl.2.7 billion in Gornoolaski Zaklad Elektroenergetyczny (GZE), the largest domestic electricity distributor, within the next ten years. The Treasury Ministry (MSP) has put forward Dec.18 as the date to conclude the privatization deal, though Vattenfall has not confirmed this time-frame is final. According to unofficial sources, the Swedes would pay approximately zl.670 million for a 25% stake in GZE and up the company's capital by 10% after signing the agreement with the Ministry. This means that after the privatization process has been completed, GZE would receive an injection of zl.240 million, capital badly needed to bolster the company's financial liquidity. According to the president of Vattenfall Poland, Torbjoern Wahlborg, his company is working hard to make all arrangements before Dec. 18 and would like to confirm either today or Thursday that signing the deal will take place as tentatively scheduled. Also unofficially, the would-be investor is still seeking additional guarantees from the Energy Regulation Office (URE) and the Economy Ministry. Following the first phase of investment Vattenfall would own 32% of GZE. The Gliwice-based company is the first electricity distribution company to be privatized in Poland. (Puls Biznesu, pp.1,6)