Warsaw (Puls Biznesu) – The Czech national energy company wants to strengthen its position in Poland, launches cooperation with Polish firms and fights for clients.
CEZ, the Czech state-owned energy company, aims to increase its market share in Poland. The listing in Prague and Poland should be helpful although Kamil Cermak, CEZ head for Poland, believes that the reason for choosing the Warsaw Stock Exchange was the strength of the equity market. CEZ will be the biggest company listed in Warsaw. The company would eagerly buy Polish energy firms. So far CEZ has managed to buy two relatively small ones. One of them is Skawina power plant and Elcho heat and power plant from the US PSEG which withdrew from Poland.
“The transaction will be concluded in the first half of the year. Then, we are ready to buy the rest of Skawina’s stock. We have offered the Ministry of the Treasure to do it”, Kamil Cermak said.
He refused to reveal the price. According to unofficial sources, the price amounted to EUR 400m.
This will surely not be sufficient for the ambitious Czechs. Kamil Cermak stressed that next to the Balkans, Poland and Ukraine in the future, are key directions of CEZ expansion. The problem is that there is nothing to buy in Poland. The foreign investors present in Poland in the energy sector are not planning to withdraw. The Ministry of the Treasure controlling the majority of the sector is not eager to go on with the privatization. CEZ is interested in a number of projects.
“We are still ready to buy the shares in PAK power plants. We have the approval from the government to conduct due diligence. We are ready to fund the investment projects. But all interested parties must agree”, Kamil Cermak said.
The state is the major shareholder in PAK but Elektrim listed company owned by Zygmunt Solorz-Zak businessman manages the firm.
“We would very much like the group consisting of Enea, Kozienice power plant and Bogdanka mine”, Kamil Cermak added.
The privatization of these companies may not happen soon however.
“PKE power plant which wants to build Halemba power plant again with 300 MW plus heating is looking for a majority partner. We will confirm that we are interested in this project in May”, Kamil Cerman said.
The Czechs want to take part in the project of nuclear power plant to be probably build by PGE.
They also want to cooperate with the Polish companies to develop in Ukraine. CEZ plans also to fight for Polish clients.
“So far we have traded in Poland on the wholesale market. Now we want to fight for individual clients. We will start in the second half of the year”, Kamil Cermak said.