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PGE SAWSE announces Stressed Market Conditions for PGE and PGE Future; stock down approx. 9.5 pct
The Warsaw Stock Exchange has announced Stressed Market Conditions for listed power utility PGE and its unit, PGE Future, the exchange said in a statement. At around 15:00 local time PGE shares were down by about 9.5 percent to PLN 7.14 (EUR 1.67).
On Tuesday, Poland's Prime Minister Donald Tusk told a conference in Warsaw that state-controlled companies, including those listed on the stock exchange, are not necessarily meant to maximise profit, and that they are meant to serve citizens.
"I had a meeting yesterday, not an easy one, with the managers of the biggest energy companies. (...) What is the task of state managers, even if they are heads of listed companies. Their first task, e.g. in the case of an energy company, is to ensure energy security for the Polish state (...) households, entrepreneurs - possibly cheap energy that is universally available," Tusk stressed.
"Not necessarily to maximise the profit of the State Treasury company. If only maximising the profit of a State Treasury company made sense, then actually why would the state be in such a company," he added.
mcb/ ao/ han/