Minister of Treasury to make decisions worth billions of zloty

27-11-2007, 13:41

Warsaw (Puls Biznesu) – The new Minister of the Treasury has numerous diligent tasks in energy companies. PGE needs to issue PLN 6.5bn (EUR 1.7bn) of bonds.

Polska Grupa Energetyczna (PGE), Poland’s biggest energy producer, has to break long-term energy contracts and pay out compensations this year. BOT energy producer, PGE subsidiary, should get over PLN 4.5bn. The remaining PGE producers were supposed to get PLN 1.35bn of compensation. PKE owned by state-owned Tauron group has not signed initial agreement yet. Agreement to sign contracts ending long-term contracts is one of the most diligent tasks for the new Minister of the Treasure.

He should also accept the plans of PGE to issue bonds worth PLN 6.5bn. The company wants to pay back more expensive debts in this way. The company is waiting for the agreement of its shareholders, including the state. On December 8th, the Minister should also approve of the split of PGE. The operation should be concluded this year.

(PLN 1 = EUR 0.271)

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Puls Inwestora / Minister of Treasury to make decisions worth billions of zloty