Government urges companies from the energy sector, to assist him in saving the Polish mines.
A Polish energy companies do not want to take part in the government program. Already the boards of three energy companies Tauron, Energa and Polish Energy Group expressed their reluctance to plans to rescue the mining industry.
Does the government can, should and do have the right to force listed companies to invest in mines in Silesia?
“Rzeczpospolita” daily wonders or reaches the changes in the board of the Polish Energy Group so that the former government plans implemented.
PGE is Poland’s largest energy company. She and other energy companies are listed on the stock exchange, and the current PGE capitalization of over 29 billion dollars.
Experts wonder how the mining industry has to be rescued using the energy sector.
– Coercion is not something reasonable. And everyone will be in front of him defended, but power sooner or later will be connected with the mining industry, it’s important that this be done on a less emotional terms, not two months before the election and not on the basis of voluntary action – says Tomasz Chmal, an expert on. Energy, which He was the guest of radium Ones.
What is the idea of the government
New Coal Company will take over from the old Company unprofitable mines. In New Coal Company would cover the shares of energy – eg., PGE had to take a stake worth 400 million zlotys. Another 500 million Energa, PGNiG and Silesia Financial Company. 600 million is to make Polish Enterprises Investment Fund managed by the Polish Investment and Development.
According to Paul Korda, an analyst at X-Trade Brokers theoretically connect mines with energy companies has economic sense. But practically it comes to something else.
-This is an attempt to rescue the coal companies. An attempt to transfer the money from the shareholders of the energy companies into the pockets of employees of mining companies. Simply they lack the money and need somewhere to find them. It is unwise output in the short run and hide this problem, because mining companies will be integrated into the structure of energy companies, and they will have to deal with it – he says.
The shareholding is also OFE
And who is a shareholder-owned energy companies? Most often the parent entity is the Treasury, but not every company is so.
PGE Treasury has a 58 percent OFE few percent, and the biggest investor of OPF is more than 3 percent of PGE shares that are now worth nearly a billion dollars.
The company Energa The Treasury is 51 percent, OPF has several percent, and the largest open pension funds 2 per cent., and the market value is 160 million
In Tauron Treasury It has only 30 percent, 10% of KGHM OFE few percent, and the largest is 5 percent. for almost 300 million.
Everyone who was or is still in the Open Pension Funds, it is somehow associated with the stock exchange and the energy companies, which have to save the mines.
You can also consider some other relationship.
– buying electricity also buy it with coal, because we have our energy based on 80 per cent. of this raw material. In the electricity bill we pay for it – says the expert.
Righteous principle, wrong emotions
I returned attention to the unnecessary emotions, because of the wisdom the proposed amendment has no doubts.
– The idea of combining power with mining, in principle correct, it should be some other process. Today we are dealing with emotional campaign. Any decision in this regard will be protested. The decision to merge will be protested because of the cost. The decision to under-funding may be associated with far-reaching consequences for the entire industry, and above all for the Coal Company. May cause social protests. There is no good way out – says Tomasz Chmal, an expert on. Energy.
And it is worth considering how you have to put two reasons. On the one hand, it is aware that energy does not deny, however, the acquisition of mines, but healthy, profitable and on the basis of the most commercial that you can create. On the other hand, mining today needs the money.
– Between these two rations you need to find a solution. Perhaps one way is some transitional funding, lasted for election and no matter what shape the government after the elections, will have to make far-reaching changes in the structure of energy production. I need to be aware that anyone would not rule would have to take care of the country’s energy security. Especially in the context of recent exceptions – says Tomasz Chmal.
There are two possible scenarios
According to Maciej Bukowski, President of the Warsaw Institute of Economic Studies are possible Two scenarios after the acquisition of mines by the energy sector.
– If we combined these two sectors, we can imagine one scenario – so that energy takes Coal Company and the Company does a new, much better company by restructuring them: eg. by releasing two-thirds of the people working there. And wyłączającte mines that are no longer viable extraction promise. And focusing capacities only in those in which it pays. But we can imagine a different scenario. With these profits thanks to the monopoly, subsidizes the sector mining, which is unprofitable, reducing its investment opportunities. And in the future when the market opens, and that happens because coming Union Energy, which is a combination of our market with the markets of neighboring countries – losing competitiveness and illness from mining moves on energy and Polish power industry in a few years is going bankrupt – says Maciej Bukowski.
The second scenario is the most negative.
Expert Thomas Chmal stresses that deep restructuring is simply necessary.
– The sooner the better, also the social side must understand that it is impossible to maintain the status quo – says a guest Ones.
Subsidies to loss-making mining companies must end.
There must be an idea for the whole of Silesia
According to Tomasz Chmal process of reforming the Polish mining industry will be painful, not only for the industry but for the entire Silesia. The changes are not necessary. You can not continue to subsidize the mine in their current form.
– It would require the government’s more comprehensive approach when it comes to Silesia. This is not just a matter of a simple closing mines and reducing jobs. It’s a matter idea. Perhaps some of these mines will be converted into the chemical sector. Perhaps instead of producing coal in order to burn it can be transformed into other products – says the expert.
Perhaps we should consider another way of management. Admission capital to a greater extent to the mines would be what would heal the whole sector in the long run.
– I stop thinking about the scenario of permanent subsidies for a long period of something that can not subsidize. And it may be that there will be private investors, and they want to lead a normal market, rather than one that will again manual control and protests to the Office of releases too quickly large stocks of coal – says Tomasz Chmal.
The government dismisses protests
Marcin Roszkowski, president of the Institute of the Jagiellonian, who was a guest of PR 24 believes that the boards of energy companies have before them difficult decisions.
The Government resolves conflicts with miners and dismisses the protests that during the election period did not help.
Someone has to pay for decisions.
– solutions are few. The government has chosen such that pay us, indirectly through the value of our energy companies, which are in the hands of the Treasury – says a guest of PR 24.
Recalls that coal prices are falling, and the sector is non-transparent, even through a system of intermediaries who boost prices.
The government wants to created behemoth mining and energy.
This plan does not like the minority shareholders, because they are all ignored.
not risen energy mix
According to the guest LP 24 mistake is that no plan was developed – should look like our energy mix.
– Does it consist from nuclear, renewables, coal and lignite. They were fitting, but the government does not take systemic action. We do not know for example. If nuclear power is to replace the mines or RES. We do not know whether she uprising – says Marcin Roszkowski.
And the risks are large, we have for example. Obligations when it comes to renewable energy.
– The energy sector is neglected and it is crucial for State security – says Marcin Roszkowski.
Energy companies will lose
As the stock market could react if the government managed to push through his program? And energy companies are listed on the WSE.
Guest PR 24 provides that they will be drastic declines.
However, in his opinion, the government przeforsuje its program, because the rate election is too high.
Robert Lidke, Rzyman Krzysztof Kamil Piechowski, Grazyna Raszkowska
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