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PGE SAUPDATE: ZE PAK to sell its stake in nuclear power SPV PGE PAK Energia Jadrowa to PGE
Listed power group ZE PAK has concluded a preliminary conditional agreement with listed power utility PGE to sell 50 percent of its shares in the ZE PAK-PGE nuclear energy special purpose vehicle PGE PAK Energia Jadrowa to PGE, both groups announced in market filings.
"PGE is taking full control of the company investigating potential locations for nuclear power plants, which is the most competent and strongest substantive base for conducting this type of analysis and research," PGE's CEO Dariusz Marzec told a briefing during the EFNI congress in Sopot.
He announced that the approval of Poland's energy minister will allow the transaction to be completed.
"I am very pleased that PGE is acquiring a full controlling stake in the company. This is the implementation of the strategy not only of the company, but also of the government, because one of the pillars of the energy transition will be nuclear power," said energy minister Milosz Motyka.
The final agreement should be concluded no later than November 27, 2025.
In January this year, PGE concluded a term sheet with ZE PAK regarding a potential transaction involving the acquisition by PGE of 50 percent of shares in PGE PAK Energia Jadrowa and 100 percent of shares in PAK CCGT, which is implementing a gas project at the Adamow Power Plant, from ZE PAK.
PGE PAK Energia Jadrowa is a special purpose vehicle established in 2023 jointly by PGE and ZE PAK to carry out preparatory work for the possible construction of a nuclear power plant near Konin with a total capacity of 2.8 GW. Each owner holds a 50 percent stake in the entity.
PGE's management board announced that the group will be examining locations for the construction of a nuclear power plant, with Belchatow currently being the most important one.
"Belchatow will continue to operate for at least another 10 years, but this will take several years of detailed analysis to allow us to confirm with complete certainty that there is nothing at this location that would prevent the construction of nuclear power. And that this location meets all the requirements regarding the availability of appropriate resources and has the necessary energy infrastructure," CEO Marzec stressed.
As he pointed out, several alternative locations are being examined in parallel in the initial stages.
"It's about risk management. If detailed analyses reveal any problems, it's always good to have an alternative location. At the moment, Belchatow is key. But we will not only be examining this one location," PGE's CEO emphasised.
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