Cooperation agreement on the spin-off of coal assets and their integration within the NABE
Belongs to:
- Current reports
Current Report No. 29/2021
Date: 23 July 2021
Topic: Cooperation agreement on the spin-off of coal assets and their integration within the NABE
Legal basis: Article 17(1) of the MAR - inside information
The Management Board of Energa SA ("Company") informs that on 23 July 2021 the Company, PGE Polska Grupa Energetyczna S.A. ("PGE"), ENEA S.A., TAURON Polska Energia S.A. (jointly as "Energy Companies") and the State Treasury (jointly as "Parties") signed a cooperation agreement on the spin-off of coal assets and their integration within the National Energy Security Agency ("Narodowa Agencja Bezpieczeństwa Energetycznego") ("Agreement").
The document entitled "The Transformation of the power sector in Poland. Spin-off of coal assets from companies partly owned by the State Treasury" ("Transformacja sektora elektroenergetycznego w Polsce. Wydzielenie aktywów węglowych ze spółek z udziałem Skarbu Państwa") ("Transformation"), prepared by the Ministry of State Assets and then subject to public consultation, presents a concept of the spin-off of assets related to power generation in conventional coal-fired units ("Coal Assets") from the capital groups of particular Energy Companies. The Transformation is expected to consist in the integration of the spin off Coal Assets in a single entity, i.e. PGE Górnictwo i Energetyka Konwencjonalna S.A. - a subsidiary of PGE, which will ultimately operate as National Energy Security Agency ("NABE").
Considering the above, the Parties to the Agreement recognize the need to coordinate their cooperation regarding the spin-off of the Coal Assets and their integration within the NABE. Under the Agreement the Parties declare their intention to mutually exchange the necessary information, including information about their organizational structures, implemented processes and assumptions for the direction of the Transformation, to the extent that any such disclosures are legal. The Agreement will enable effective and efficient execution of the NABE establishment process.