February 10, 2020 / 6:53 AM / 19 days ago

Poland's minister expects mergers among state-run energy groups: DGP

WARSAW (Reuters) - Poland’s State Assets Minister Jacek Sasin said that he expects mergers among the country’s energy companies, as he does not see a reason for the four state-run power groups to operate separately.

The major energy groups - PGE, Enea, Energa and Tauron - generate power mostly from burning coal.

“The energy sector poses the biggest challenges for us. Additionally, there will be mergers here...I see the need of further consolidation. Now we have four energy groups. Why?,” Sasin told Dziennik Gazeta Prawna daily in an interview published on Monday.

In December, state-run oil refiner PKN Orlen announced a tender to buy 100% shares in Energa, offering 7 zlotys per each. Sasin, who represents the state, which owns 51.52% in Energa, said that the price offered by PKN Orlen is “an absolute minimum”.

The minister also said that he would prefer state-run companies to spend their profits on investment rather than on dividend payouts.

Reporting by Agnieszka Barteczko; Editing by Kim Coghill

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