NOWA KW – ALL EFFORTS WASTED

The worst scenario, predicted by some experts actually happened. Nowa Kompania Węglowa, which was supposed to be established by the end of September will not start its operations in the foretold deadline and structure. Barriers? EU Commission. New plan? Foggy future.

Quick reminder: according to the latest plan by Ministry of Treasury, NKW (in official documents: Polska Grupa Górnicza) was to be created by three entities: Węglokoks, Polish Enterprises Investment Fund (FIPP) and TF Silesia. The last company received shares of PGNiG, PGE and PZU, which were supposed to help it in getting financing for the NKW project in commercial banks. Everything sounded reasonable, if the European Union would not step forward. It did, and yesterday MoT threw up its hands in helplessness.

EU Commission could not accept the fact, that aid given to Silesian mining comes only from the State Treasury. In the Węglokoks-FIPP-TFS plan for rescuing Kompania Węglowa there is no single private investor, that could confirm the future economic success behind this plan and therefore EU blocked the project.

In official statement by MoT, that maintaining the project end establishing NKW despite the EU Commission protests would lead to inevitable bankruptcy of both KW and NKW. MoT claimed also that the project was justified in regards to its market nature, but EU Commission warned Poland with filing a lawsuit (unlawful State aid).

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