Puchalski: NABE taking over debts is beneficial, but will require support (INTERVIEW)

“The proposal by the State Treasury to take over the debts of PGE, the Tauron Group and Enea is, in my opinion, favorable, as the State Treasury suggests that the acquisition of the assets could also involve partial debt relief for PGE, Tauron and Enea,” says Paweł Puchalski, analyst at Santander Polska, in an interview with BiznesAlert.pl.

After two years of difficult negotiations with energy companies and banks, the creation of the National Energy Security Agency is coming to an end. It will take over nearly 70 coal-fired units. However, many of them are outdated technologically, emit huge amounts of CO2 and are in a lot of debt.

The aim of the NABE is to take the burden off of energy companies for which coal is becoming a growing problem and to ensure Poland has enough power in the coming decades.

BiznesAlert.pl: How do you assess the establishment of NABE? Will the Agency really be able to secure energy supplies or stabilise energy prices?

Paweł Puchalski: NABE’s primary task is to ensure that we have the capacity to produce electricity. Stabilising energy prices is a completely different matter because, in my opinion, the Agency without public aid will not generate profits.

The role of the National Energy Security Agency will not be to lower prices, but to secure energy supplies for the next decade.

Will NABE be able to reduce the debt of energy companies?

The proposal by the State Treasury to take over the debts of PGE, the Tauron Group and Enea is, in my opinion, favorable, as the State Treasury suggests that the acquisition of the assets could also involve partial debt relief for PGE, Tauron and Enea.

Interview by Jacek Perzyński