PSE-Operator, a company which has been broken away from the national grid PSE and manages the national electrical transmission system, is likely to be privatised through an IPO. At least that is what the national grid is hoping for and that is what it has proposed the treasury. However the planned sell off has been brought forward one year to 2004.
The treasury minister has not refused this request, which would see a sale of 49 percent of the company.
The second of their offspring that PSE wants to see sold off is telecommunications company Tel-Energo Holding. PSE has already transferred its stake of Tel-Energo (75.6 percent), NOM (50 percent), TK Energetyka (64.4 percent), PSE-Info (100 percent) and Winuel (nine percent). The first step in the privatisation of the holding would see a financial investor receiving a twenty percent stake. PSE would like to see this take place by the beginning of next year.
The second privatisation stage would see a public offering of 29 E 47 percent of the company on the Warsaw stock market. PSE would like to keep a thirty percent stake for itself.
PSE would also like to privatise a 49 percent stake in the ESP power stations. The PSE hopes that ESP, which owns hydro electric plants, will invest more than PLN500m in clean power projects within the next fhree years or so.
The restructuring of the national grid as well as income from privatisations should aid the monolith to pay back a considerable part of its debt, which comes to over PLN2.2bn, PLN600m of which is short term. PLN800m E PLN900m of this debt was caused by borrowing for telecommunications projects.