POLISH COAL MARKET MIDWEEK SUMMARY 36/2015

After many speculations about changes in Management Boards in energy groups, the other side of “NKW’s Never Ending Story” got hit with same rumors. Krzysztof Sędzikowski, CEO of Kompania Węglowa and Wojciech Kowalczyk, minister responsible for restructure of mining sector were suppose to submit their resignations. It came as no surprise that they both denied, since no one would gain from it at the moment. From political point of view, it would be much better to dismiss them at the beginning of October, when Kompania Węglowa will lose its liquidity and MoT will fail to establish NKW.

Speaking of the devil: Nowa Kompania Węglowa’s establishing deadline, which according to many MoT’s assurances was suppose to be 31st August, was now moved to 30th September. 28 days to go and still no plan how to finance the entire project. Although Energa announced on Monday that they will move to NKW assets worth around 400-500 million PLN, others are more reluctant; Enea just stated that “they are too small to engage in NKW’s project” and would not take part in it at any stage.

The third energy group, Tauron announced that they are still interested in acquisition of Brzeszcze mine, which was just listed for a tender by SRK. Andrzej Czerwiński, Head of MoT hopes that the both sides will reach an agreement until 25th September. Ministry is in a tight spot: labor unions are already gathering and planning strikes for September. Meanwhile, Tauron does not have to be the only company who would take part in Brzeszcze’s tender. Czech EPH (owner of PG Silesia) is also interested in taking over the mine.

In the meantime, LW Bogdanka’s contract with PGNiG for coal deliveries has been prolonged for a year. LWB, which was hit last week with information about termination the agreement by one of their key clients is now in great need to secure the rest of the contracts.

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