Polish Briefing: PGE collects savings for investments after the crisis

What goes on in Poland on the 28th of May.

The date of commissioning the coal block in Turów may be at risk

PGE sees the risk of delaying a new block in Turów in connection with the ongoing pandemic – said PGE CEO Wojciech Dąbrowski. The president of PGE was asked about the impact of the coronavirus pandemic on the company’s investments. He said block 7 in Turów is the most threatened. – We are actually finishing the investment, but the delivery date is a bit at risk due to the problem of movement. Contractors and subcontractors employ employees from outside Poland. After the first quarter of 2020, investment progress was 96 percent. However, we see the risk of not meeting the deadline – said President Wojciech Dąbrowski during the video conference.

PGE collects savings for investments after the crisis

Polska Grupa Energetyczna announced during the result conference for the first quarter of this year that it intends to collect financial savings for investments after the crisis.

– Currently, we focus on core business, we accumulate cash. Our task is to go through a difficult situation dry foot so that in the future the group can provide adequate profits – said PGE president Wojciech Dąbrowski. The funds saved will be allocated to investments in sources ensuring stable production of electricity. It is about investing in new renewable and gas sources and modernizing coal assets, as well as building energy storage. The group is also planning acquisitions – he calculated.