In an interview with the newspaper Rzeczpospolita, Czarnica presented plans for revolutionary changes in the energy and mining sectors. It announced that coal mines are planned to be “allocated” to individual power plants of energy companies.
Shares of major energy companies fell. PGE, Enea and Tauron lost more than 10 percent on the stock market.
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The government announcement sinks energy companies into the stock market
However, the Deputy Minister confirmed that at this stage no decision has yet been taken regarding the specific form of this chapter.
-We think of different forms of “deep disconnection” within the same group. We're talking to lawyers about how to go about this process. Then, we will talk with banks to develop an optimal model, acceptable to them as well, for financing the green transition of these energy groups,” Czarnica said.
The Minister stressed that there is currently no doubt about the merger of mining capital with energy groups. Rather, it is a form of “assignment” through permanent contracts for coal supplies between one supplier and one recipient. For example, Polska Grupa Górnicza will remain a company wholly owned by the State Treasury.
The government has a plan for mining
Czarnica also referred to the issue of notification request related to state aid for mining, which is currently being addressed by the European Commission after corrections. She also confirmed that no provisions have changed in the 2021 social contract with miners regarding support amounts or mine closure dates.
The Deputy Minister also informed that the second request, which is supposed to reach 95 percent, is scheduled to be approved. The fees that mines pay for their methane emissions will return to them in exchange for investments that help reduce those emissions. As she noted, the amount could amount to “thick millions of zlotys.”
Minister Czarnica's statements, although quite general at the moment, set the direction for important reforms in the coal mining and energy sector. Announcing the “allocation” of mines to power plants in the new formula may increase investor uncertainty regarding future results and valuations of energy companies. Hence perhaps the nervous reactions on the dance floor in Warsaw. The ministry plans to provide more details about the reform in July and September this year.
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