Terms of cooperation agreed

PGE Polska Grupa Energetyczna, KGHM Polska Miedź, TAURON Polska Energia and ENEA on 23 September agreed on the future ownership structure and principles of operation of a special purpose vehicle, PGE EJ1, established for the construction and operation of the first Polish atomic power plant.  

The document, agreed upon by four companies, constitutes a draft agreement of shareholders, pursuant to which the subjects will purchase shares in PGE EJ1. Compliant with the provisions of the agreement, PGE will hold 70% in the share capital of the company and will sell a block of 438 thou. shares to the other subjects which constitutes a total of 30% in the share capital of PGE EJ1.

TAURON Polska Energia, KGHM Polska Miedź and ENEA will purchase 146 thou. shares each, which accordingly constitutes 10% in the share capital of PGE EJ1. The agreement also contains the principles of participation of all the parties in the project of development and construction of an atomic power plant in Poland.

The shareholder agreement will be concluded after consents of corporate bodies of all the parties are obtained. Purchase of shares in PGE EJ1 is also conditioned by obtaining required anti-monopoly permits and adoption by the Council of Ministers of the Polish Atomic Power Engineering Programme.