Energy giant PGE eyes Energa acquisition
WARSAW: Polska Grupa Energetyczna (PGET), which is Poland’s largest listed power company is soon to take over Energa that is the smallest of the four vertically-integrated power groups, confirmed PGE chief executive.
The State Treasury, the majority shareholder in both companies, is in the process of analysis of the possible market consolidation, CEO Marek Woszczyk told an analyst meeting. “It will come to you as no surprise that size matters in the power industry and a bigger [company] can do more,” the CEO said. PGE also does not rule out taking part in the bail-out of the troubled coalminer Kompania Węglowa, though any such decision would need to make business sense for the listed PGE, Woszczyk said.
In addition to these deals, PGE plans PLN 50 billion (EUR 11.92billion) in capital expenditures to 2020, as it seeks to modernize and expand its capacity.
The company will also pay a “stable and predictable” dividend over the coming years, the CEO said. PGE plans to return some 40% of last year’s PLN 3.63 billion (EUR 856 million) net income to shareholders.
