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Minister Unveils Latest Ideas for Energy Sector Privatization

The Treasury Ministry will present the government a new strategy for the energy sector within a few weeks.

At the yesterday's Europower 2004 conference, Deputy Treasury Minister Dariusz Marzec announced that two energy groups, namely Southern Energy Concern (PKE) and BOT, will have their capital raised before they go public, which is scheduled for sometime in 2005, as without the capital injection they will not be able to attract investors.

"Investors may feel the risks are too high, especially as the long term energy contracts were dissolved," stated Marzec.

He declared that PKE may be merged with some distribution companies, or the Kozienice power plant and added that the Ministry has abandoned plans to merge PKE with the Bytom, Zabrze and Tychy heating plants.

PKE and BOT are the largest domestic electricity producers. PKE's net profit for 2003 amounted to zl.83.4 million while BOT generated a zl.204 million net profit in the same period.

(WBJ 08.x.04)

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