Climate Policy Coal Energy Environment Renewables 19 March, 2021 11:30 am   
Editorial staff

Buk: CO2 prices might actually slow down energy transition

Wanda Buk Wanda Buk during Energy Post event. Photo: Wojciech Jakóbik

– Last year we spent 1,8 bn euro on CO2 allowances. That translates directly into decreasing our investment capacities. We can not simply shutdown our conventional generation. Because We cannot commit to more wind investment. CO2 prices will not speed up our transformation, to the contrary, it might be slowed down by them – said Wanda Buk, PGE vicepresident, during Energy Post event.

– Our investment portfolio until 2030 requires almost 17 billion of euros. Yet last year we spent about 1.8 billion of euros on EU ETS allowances. This translates directly to limiting our capability for new green investments – says Buk. – We need to look for other financing sources, like EU ETS funds to finance energy transformation in Poland. According to Wanda Buk, Polish customers are not ready to bear the costs of energy transition. PGE believes that Modernization Fund needs to be increased to support low income EU states like Poland, Bulgaria, Slovakia, Czechia and Romania, who asked for such change.