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“We don’t have to call it NABE, but the process of separation has to happen. If there is a change of government, then those who will take responsibility for the Polish energy sector, after reading the financial forecasts of energy companies, will admit that this is the right idea. Corporations with coal assets will not raise funds for investments. That’s impossible,” said Wojciech Dąbrowski, President of PGE in an interview with Business Insider.
Wojciech Dąbrowski, President of Polska Grupa Energetyczna, gave an interview to Business Insider. He declared that the company was still operating at full speed, in spite of the fact that changes in the government may result in changes at state treasury companies (such as PGE – ed.). He also said that in such companies it is natural to operate in four-year cycles, and anyone who works in such a company must take into account the possibility of being dismissed when the government changes.
In an interview with Business Insider, he commented on the National Energy Security Agency (NABE).
“Unfortunately, the electoral calendar meant that one sitting of the Sejm was missing to finally vote on a bill that would give state guarantees to the banks financing NABE. This was a necessary step for the whole process. But the transformation is being implemented, as exemplified by our increased investment spending,” he said in the interview.
The journalist asked what would happen to PGE if NABE was not established. The president replied that the separation of coal assets from corporations is necessary for Poland’s energy security. He was also asked about making every coal-fired power plant a separate company? President Dąbrowski noted that this could lead to the collapse of individual plants and their premature closure.
“NABE, which was supposed to manage all coal-fired power plants and lignite mines, was a very thoughtful project, negotiated with banks and already ready for implementation. We don’t have to call it NABE, but the process of separation has to happen. If there is a change of government, then those who will take responsibility for the Polish energy sector, after reading the financial forecasts of energy companies, will admit that this is the right idea. Corporations with coal assets will not raise funds for investments. There is no chance of that, ” explained Wojciech Dąbrowski.
The president of PGE also referred to the idea of separating distribution companies from corporations. In his opinion, this is a bad idea, which would undermine the Polish energy sector. If it was implemented only heating and energy trade would remain in the company.
“In my opinion the energy industry should consolidate, not split iteslf, to meet the challenges of the market. There are also huge investment needs in the heating sector, decarbonization is necessary there, that is, the replacement of coal with gas, because today there is no such renewable energy technology that would allow heating large cities. Companies must be strong in order to be able to finance all this,” Wojciech Dąbrowski stated.
In the interview with Business Insider, the president also talked on the issue of RES installations. He made it clear that the companies did not block other investors from joining the network. Refusals are due to technical reasons and the infrastructure requires modernization.
“The investment needs are huge. For the entire transformation, Poland needs more than PLN 1 trillion. Polish banks do not have such capabilities. Financing on such a scale can only be obtained by strong and stable actors in the international financial market. We compete for this global capital with our foreign competitors. At PGE, we have spent more than 250% on network development this year more than a year ago. Other companies are also increasing spending. And remember, we do it with our own resources. All this is a long process, because we can not pass all the costs of transformation on to customers and wind up energy prices,” said the president of PGE.
Compiled by Marcin Karwowski
