What goes on in Poland on the 13th of February.
Reactivation of the Krupiński Mine? Trade unions attract investors from the Isles
Over 2,000 jobs and investments in the amount of 180 million dollars – announces Tamar Resources, an international investor based in the United Kingdom. Earlier, the government announced the “irrevocable” liquidation of the plant.
Tamar Resources Ltd. is a British company cooperating with NSZZ Solidarność in order to reactivate the liquidated Krupiński mine.
According to the plan, Tamar and trade unions want to transform Krupiński into a producer of coking coal – a key raw material for steel production. For this reason, the European Union has included coking coal on the list of raw materials crucial for the development of the European economy.
As a result of re-opening the mine, over 2,000 employees and 400 subcontractors will be employed. The investor will allocate PLN 600 million for the investment, some of which will absorb the return of state aid granted by the state for the liquidation of the mine.
Fitch: The capacity market will support Polish energy producers
The rating agency Fitch assesses that the capacity market will support Polish energy producers.
“In the impact assessment of the Capacity Market Act, the Ministry of Energy estimated the cost of the mechanism for energy consumers at an average of PLN 3.8 billion annually in 2021-27. That would mean a significant improvement in cash flow for energy producers, giving them an additional and more predictable source of EBITDA than selling energy on the market, “Fitch analysts said in a press release.
Agency analysts note that if PGE, Tauron, Enea and Energa would receive power payments in auctions in 2018 and subsequent years, this would mean additional space for the debt of the groups since 2021 with their current ratings. Otherwise, the group’s debt will be close to the maximum for current ratings due to large investment plans.
“The likely budget of the capacity market, which we assume – at least a part will go to four energy groups, is significant compared to the aggregated EBITDA of four groups in the generation segment (according to our estimates, nearly PLN 5 billion in 2018)” – we read in the communique.