Integrated report 2021

Coal asset spin-off


It is our duty to ensure that the energy sector delivers a stable and secure supply of electricity to our consumers, because energy security and access to energy is the basis for the functioning of society as well as the entire economy and, ultimately, the entire state. For this reason, we are intensively working on the integration of the coal-based power sector. On the one hand, this will make it possible to speed up the deployment of investments by energy companies in RES, and on the other hand to improve the management of the coal-based power sector, which remains the basis for electricity generation and the guarantor of security.

Ryszard Wasiłek Vice-President of the Management Board for Operations, PGE Polska Grupa Energetyczna

In March 2022, the government adopted a program to transform the electricity sector and spin off coal assets from energy groups. As a result, coal-fired power plants and lignite mines will be grouped in a separate entity with a 100% State Treasury ownership (National Energy Security Agency – NABE). This will allow PGE to focus on development in line with the Strategy in areas changing the face of the Polish energy sector – primarily renewable energy, energy distribution and decarbonisation of the heating sector. At the same time, concentration of generation within a single entity will secure Poland’s energy security and an uninterrupted energy transition process.

Acquisition by the State Treasury from PGE Polska Grupa Energetyczna S.A, ENEA S.A, ENERGA S.A., TAURON Polska Energia S.A. of all assets related to power generation at hard coal- and lignite-fuelled power plants, including service companies providing services to them.

  • Due to the inseparability of lignite-fuelled energy complexes, the assets to be acquired will also include lignite mines
  • Coal mining assets will not be integrated into the coal-fired generation entity
  • District heating assets in connection with planned upgrades to low- and zero-carbon sources will not be subject to the spin-off
  • The acquisition may take place through the purchase of shares of individual companies directly by the State Treasury and their subsequent consolidation within NABE or through conditional acquisition of shares of companies by PGE Górnictwo i Energetyka Konwencjonalna S.A. (PGE GiEK), subject to the acquisition of PGE GIEK shares by the State Treasury. The choice of transaction model will depend on the results of conducted analyses
  • The acquisition will be preceded by an internal reorganisation of the energy groups.
  • NABE will be a fully self-sufficient entity, i.e. it will be able to provide itself with all the internal and external functions necessary for smooth operations, i.e. HR, IT, purchasing, trading
  • NABE will focus on maintenance and modernisation investments necessary to maintain the efficiency of the coal units in operation, including those aimed at decarbonising the units in operation
  • NABE will support a safe and sustainable transition due to the provision of the power needed to balance the National Electricity System.
Go to the top

Search results