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    TPE   PLTAURN00011

TAURON POLSKA ENERGIA S.A.

(TPE)
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Poland unveils plan to free its utilities from coal assets

04/16/2021 | 12:55pm EDT

WARSAW, April 16 (Reuters) - Poland plans to create a special energy agency that would take over coal and lignite-fueled power plants from state utilities, including PGE , Enea and Tauron, so that they can focus on green energy investment, the state assets ministry said on Friday.

Poland generates most of its electricity from polluting coal, but under rising pressure from the European Union and with carbon emission costs surging, it has encouraged more investment in low emission sources.

"The concept of separating coal assets will speed up Poland's energy transition," State Assets Minister Jacek Sasin said in a statement.

Coal use has also hit the financial results of state-run energy groups. Officials have said a new model for the industry was needed that would help it raise funds for green projects as banks have shied away from backing coal-dependant companies.

Environmentalists have slammed the proposal, saying it does not solve the coal problem in Poland.

"(This is) creative accounting at the expense of taxpayers," said Joanna Flisowska from Greenpeace Poland, adding that the scheme would involve more public aid for the coal-based energy system.

Under the plan, which some have compared to a series of complicated asset swaps between Germany's energy giants RWE and EON in the past, the process of separating coal assets from the utilities' and creating the agency, to be known as NABE, will be completed in 2022.

It will be based on a PGE unit called PGE GiEK which directly controls PGE assets.

Greenpeace and other environmentalist groups have said that Poland is able to phase out coal sooner than in 30 years.

"A hot potato is tossed from one pocket to another... It is difficult to imagine that the European Commission will approve such a plan," Flisowska said

Poland's biggest coal producer, PGG, has planned to close its last mine in 2049 but the scheme is still being discussed with powerful trade unions.

(Reporting by Agnieszka Barteczko; Editing by Dan Grebler)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ENEA S.A. 0.38% 9.23 End-of-day quote.41.24%
PGE POLSKA GRUPA ENERGETYCZNA S.A. 2.96% 10.255 End-of-day quote.57.77%
RWE AG -1.74% 31 Delayed Quote.-8.74%
TAURON POLSKA ENERGIA S.A. 0.78% 3.482 End-of-day quote.27.92%
All news about TAURON POLSKA ENERGIA S.A.
05/19TAURON POLSKA ENERGIA S.A.  : 1st quarter report
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04/16Poland unveils plan to free its utilities from coal assets
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03/31TAURON POLSKA ENERGIA S A  : More than PLN 4.2 billion - TAURON Group's record b..
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01/18Cold snap drives Polish power demand to record high
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2020Polish energy regulator approves price increase for Enea, PGE and Tauron
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2020Poland should scrap coal and energy plan, environmentalists say
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2020TAURON GROUP : PLN 14.9 billion in revenue and PLN 3.4 billion of EBITDA in Q1-3..
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2020TAURON POLSKA ENERGIA S.A.  : Press Release
CO
2020Polish utilities set to begin separating coal from other assets in 2021
RE
2020TAURON POLSKA ENERGIA S.A.  : 3rd quarter report
CO
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Financials
Sales 2021 19 730 M 5 157 M 5 157 M
Net income 2021 1 256 M 328 M 328 M
Net Debt 2021 13 731 M 3 589 M 3 589 M
P/E ratio 2021 5,20x
Yield 2021 -
Capitalization 6 102 M 1 599 M 1 595 M
EV / Sales 2021 1,01x
EV / Sales 2022 0,80x
Nbr of Employees 25 512
Free-Float 59,5%
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Mean consensus BUY
Number of Analysts 6
Average target price 4,50 PLN
Last Close Price 3,48 PLN
Spread / Highest target 95,3%
Spread / Average Target 29,2%
Spread / Lowest Target -11,0%
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Managers and Directors
NameTitle
Pawel Straczynski Chief Executive Officer
Andrzej Józef Kania Chairman-Supervisory Board
Teresa Famulska Vice Chairman-Supervisory Board
Grzegorz Peczkis Independent Member-Supervisory Board
Marcin Henryk Wawrzyniak Independent Member-Supervisory Board
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