According to PGE (Polska Grupa Energetyczna), majority owner of PGE EJ1, the document was signed yesterday between itself, minority shareholders ENEA, KGHM Polska Miedź and Tauron Polska Energia, and the state treasury.
In September 2014, PGE sold to ENEA, KGHM Polska Miedź and Tauron Polska Energia a 30% of its stake in PGE EJ1. Each of the three minority owners agreed to receive an equal 10% share in the acquisition.
Wojciech Dąbrowski, PGE’s president, said yesterday that “a large investment” in nuclear “exceeds” the financial capabilities of the owners of PGE EJ1 and the letter of intent opens the possibility for the Polish government taking over the entire investment in Poland’s first nuclear power station.
PGE said the timeline set in the document for the acquisition of PGE EJ1 by the state sate is 31 December 2020.
However, PGE said the letter of intent is not binding and the completion of the process will depend on the result of negotiations and legal and corporate rules.
The state treasury, which is custodian of all of Poland’s state assets, owns majority shares in PGE (58%) and ENEA (51%). The treasury is also a minority shareholder in Tauron and KGHM Polska Miedź with stakes of 30% and 31%.
In November 2018, PGE announced it was planning to acquire 100% of PGE EJ1 by buying the remaining shares from the co-owners, but in April 2019, the company scrapped the acquisition plans.
According to the latest update of the national nuclear energy programme, Poland plans to build from 6,000 to 9,000 MW of installed nuclear capacity based on proven, large-scale, pressurised water nuclear reactors of Generation III and III+ design.
