Four companies signed a letter of intent relating to the construction and operation of the first atomic power plant in Poland

PGE Polska Grupa Energetyczna S.A., KGHM Polska Miedź S.A., Tauron Polska Energia S.A. and Enea S.A. have today signed a letter of intent concerning the purchase of shares in the first special purpose vehicle, established for the construction and operation of the first atomic power plant in Poland.

In accordance with the letter the companies will undertake the development of a draft agreement for the purchase of shares of PGE EJ 1 Sp. z o.o., a special purpose vehicle, which is responsible for the direct preparation of the investment process of the construction and operation of the first atomic power plant in Poland. The agreement is to regulate the rights and obligations of each party by the realisation of the project, assuming that PGE Polska Grupa Energetyczna S.A. will act, directly or through a subsidiary, as a leader in the process of the project preparation and realisation. The letter emphasises that PGE, using special purpose companies, commenced works relating to the preparation of the construction of the first Polish atomic power plant, including the works connected with the recognition and ensuring standards which govern atomic investments in the world.

 - PGE is considering enabling its business partners to participate in the project through a capital participation in the special purpose vehicle established by PGE to realise the atomic project. It may have a positive impact on increasing the business effectiveness of the project, e.g. through a risk diversification and a more efficient management of the key elements of the investment process - says Krzysztof Kilian, President of the Board of PGE Polska Grupa Energetyczna S.A. - This is a breakthrough moment for the Polish atomic power sector since the largest Polish enterprises decided for a mutual cooperation for the major project for Poland.

 - Tauron Polska Energia, complaint with its corporate strategy assuming the diversification of fuels in energy generation, plans to hold, in around 2025, in its generation portfolio several hundred megawatts from the atomic energy – says Dariusz Lubera, President of the Board of Tauron Polska Energia S.A. - Our company for several years has been willing to co-participate in the first Polish atomic project. We are glad that the group consists of experienced and strong business partners. We commenced the building of atomic power competencies a few years ago e.g. organising specialist studies for our staff.

 - We must find other sources enabling our functioning in 20 - 30 years. It lays in the interest of all of us what can we replace coal with – adds Maciej Owczarek, President of the Board of Enea S.A. - We are happy to be a partner of this project, even more so that these are completely new, undiscovered fields of operation for us all. We have much to do within this field.

 - It is an important project which has a future, both for Poland, Polish companies, and for KGHM. We define our role in it as seen from an angle of our mining competences - says Herbert Wirth, President of the Board of KGHM Polska Miedź S.A. - A widely understood power industry is a growing sector. Complaint with the development strategy of KGHM it constitutes a material element of our revenues diversification.