POLISH COAL MARKET MIDWEEK SUMMARY 50/2016

Bogdanka prolonged contract for coal deliveries with Azoty Puławy chemical plant till 2021 (recent was valid until 2019). New agreement is worth in total 1.001bn PLN (increased by 16%) and 343m PLN for the period of 2017-2021.

As soon as General Assembly decided to move Krupinski mine to Mines Restructuring Company (SRK) for liquidation, JSW’s labor unions decided to look for another bone of contention. This time they want to go to war over suspended social benefits, as they think that company is not in a tragic situation anymore. Really?

Two weeks ago we wrote about London-based EDF Trading, complaining on Polish producers lifting price levels of coal, which was supposed to be a revenge for not playing ball with Ministry of Energy over disposing Rybnik power plant. There seems to be some truth in all these rumors, as we found out that Rybnik just got caught in stranglehold by various control authorities, which picked on i.a. low coal reserves in the power plant.

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