The Minister of State Assets Jacek Sasin announced that the National Energy Security Agency, which will take over the coal assets of Polska Grupa Energetyczna, Tauron, Enea and Energa, will be established in the autumn of this year. This date has been already changed a few times.
On August 10, 2023 we received another handful of information about the National Energy Security Agency (NABE). The deadline for launching the Agency, which will be a holding that owns coal assets from PGE, Tauron, Enea and Energa was moved a few times already. The first mention of the launch of NABE appeared already in 2022, but this process has been delayed.
Polska Grupa Energetyczna, Enea, Tauron and Energa announced that they had corporate approvals for the acquisition by the state treasury of coal-fired generation assets in order to create NABE.
The PGE board adopted a resolution on the consent to the signing of the document “NABE project-summary of the terms of the transaction” on previously described terms.
Tauron announced that it had obtained the necessary corporate approvals for the terms set out in the transaction summary document and for the increase of Tauron Wytwarzanie’s equity capital by PLN 652 million and for the company to acquire the newly issued Tauron Wytwarzanie shares. The increase in TW’s equity capital will be covered by deducting part of TW’s existing debt to Tauron.
The Management Board of Enea adopted a resolution on accepting the proposal to conclude summaries of the terms of the transaction for the acquisition by the state treasury of all Enea Wytwarzanie shares and Enea Elektrownia Połaniec shares owned by Enea together with their subsidiaries in order to create the National Energy Security Agency.
Energa reported that the necessary corporate consent was obtained to sign a document summarizing the terms of the transaction.
“NABE will launch in autumn”
The Ministry of State Assets announces that the process of creating NABE will be completed in autumn 2023. “The agreement between the state treasury and the companies on the purchase of coal assets is literally the last step, and this autumn the process will be completed. NABE is of key importance for the Polish economy and will provide energy security for years,” Jacek Sasin stressed
According to information obtained by BiznesAlert.pl the Agency will be established on 31 October and the assets of the energy companies will be transferred on 31 December.
“Today we took another step towards the creation of NABE. Over the past 8 years, we have done a lot to reshape our energy mix. We are actively working to build nuclear power in the country. The scale of investment is huge, but the energy transition will continue for many years. NABE will concentrate coal assets and this will be the core of the Polish energy sector,” he said.
“NABE will also be a safeguard for Poland to gradually activate the RES capacities while the mines and power plants are being decommissioned. Energy companies will be able to organize additional funds for green investments. In the future, PGE, Tauron, Enea and Energa will be free from coal,” added Jacek Sasin.
In mid-July, PGE, Enea, Tauron and Energa received from the state treasury a proposal for a non-binding document summarizing the terms of the transaction to acquire coal assets in order to create NABE.
According to that proposal, the offered enterprise value (EV) of PGE GiEK as of September 30, 2022 (settlement under the locked-box mechanism) adjusted for debt is PLN 6.25 billion (PGE GiEK’s debt to PGE is PLN 5.4 billion, the price is PLN 0.85 billion).
In the case of Enea, the proposed sale price of Enea Wytwarzanie’s shares amounted to PLN 2.479 billion, and of Enea Elektrownia Polaniec’s shares to PLN 632 million, based on the value of enterprises determined under the locked-box mechanism as at 30 September 2022, adjusted for net debt. The debt of the subsidiaries to Enea amounts to PLN 2.38 billion.
The state treasury proposed the acquisition of Tauron Wytwarzanie shares at the sale price of PLN 1 together with the repayment to the Tauron Group of the company’s debt. As at 30 September 2022, the debt amounted to PLN 6,326 million. The debt up to the closing date will be reduced by PLN 652 million as a result of the conversion of part of Tauron Wytwarzanie’s existing debt into equity.
The sale price of Energa Elektrownie Ostrołęka shares, representing 89.64 percent of the capital, will amount to PLN 153 million based on the value of the company. The Ostrołęka power plant does not have intra-group debt.
Polish Press Agency / Jędrzej Stachura / Jacek Perzyński