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28 March 2013

PGE to present financing strategy for nuclear power plant

Polska Grupa Energetyczna (PGE) is approaching key stages of deciding what financial model it will use to develop the first nuclear power plant in Poland.

According to Krzysztof Kilian, PGE’s CEO, the issue of financing the company’s nuclear power plant project will be a part of the new strategy that PGE will present in the coming weeks, renewable energy portal reo.pl reported this week.

State-owned PGE expects the Polish government to support the development of the nuclear power plant so as to facilitate obtaining favorable conditions for debt to finance the PLN 50 billion project. This could be done by the government guaranteeing the price at which the nuclear power plant will sell the energy it will generate.

Other than that, PGE signed a letter of intent with three other state companies - copper producer KGHM and utilities Tauron and Enea - to cooperate in the project.

Polish nuclear power plant program is coming under criticism from the renewable energy groups that argue it would take less expenditure to create an equivalent capacity of energy generation from renewable sources like offshore wind. The renewable energy lobby is also concerned that the government’s focus on nuclear power and shale gas will divert investment away from renewable energy.

The Polish government, however, remains committed to the nuclear program on the ground that it will improve Poland’s energy security.


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