Tauron, Poland’s second largest energy producer, and a state-owned enterprise, promised an IPO at the end of next year several days ago. To everybody’s surprise, the ministry of the state has changed its mind. Instead, a strategic investor will be offered to buy the company. This may be because of the difficulties Enea has had recently. It has managed to close its IPO but the majority of shares were acquired by Swedish Vattenfall which next year will probably try to have a control stake of this group.
Tauron has giant investment needs. It had planned to raise PLN 3.5-4bn in the IPO, or two times more than Enea. The funds would be spent to increase the company’s potential. It plans numerous projects, some with PGNiG gas monopoly, others with KGHM copper producer.
The newly adopted strategy of Tauron which will be presented at the end of November, provides for increasing capacity by 3,000MW. It will cost about PLN 30bn till the year 2020.
Today, Tauron’s capacity amounts to 5,447MW, it produces 21TWh of energy, i.e. 16 percent of the Polish production, has 4m clients and 28,000 employees.
(PLN 1 = EUR 0.258)