The treasury will provide guarantees for NABE. The law is on the way

The Ministry of State Assets (MAP) reported that financial institutions confirmed their intention to finance the National Energy Security Agency. It notes, however, that limiting the financing of entities holding coal assets requires covering financial obligations with guarantees from the state treasury and a corresponding change in the law.

“Financial institutions have confirmed their intention to finance NABE, but their desire to limit the financing of entities with coal assets requires that NABE’s financial obligations be covered by guarantees from the State Treasury,” MAP said in a statement.

“Due to the strategic dimension of NABE’s activities and its positive impact on the energy transition process, financial institutions have confirmed their intention to finance NABE to the extent and to the level that it allows for the smooth and uninterrupted operation of this entity. Thus, the financing provided by them will contribute not only to supporting the energy transition of Poland, but also to increasing the country’s energy security,” the Ministry said.

The above-mentioned coverage of NABE and the guarantees from the State Treasury require the preparation of appropriate legislation. “For this purpose, a draft of legislative amendments has been prepared, which was sent for consideration by the Council of Ministers,” the Ministry’s press release said.

This is another step towards the creation of the National Energy Security Agency, which was supposed to be created at the end of 2021, but this date was postponed several times. The new entity will take over the coal assets from the energy sector, ensure a secure supply from them on the one hand, and relieve the companies (PGE, Tauron, Enea and Energa) of the burden of these assets in the talks on financing the energy transition.

The bill could come later this year.

“The guarantees provided for the liabilities that are to go to the National Energy Security Agency along with coal assets will accelerate the process of its creation. The assumption is that in this term the law should be adopted by the parliament,” according to a source of the Polish Press Agency in the Ministry of State Assets. The current term will end on 12 November 2023.

Polish Press Agency / Jędrzej Stachura