This is a very concerning risk for Enea Group, Tauron Polska Energia S.A and The PGE Group, which are decisively delaying their proactive investments in zero-carbon technologies and are in debt as a result of wrong investment decisions of the past (construction of new coal units that were commissioned between 2017 and 2021).
Only a detailed carbon asset closure plan similar to the one presented by ZE PAK SA at the end of 2020 and replacing these assets with emissions-free energy sources will avoid ZE PAK SA being in debt, analysed by the authors of the University of Oxford and College Cork reports.
Investment in new gas units is not an optimal solution, and the delay in publishing plans to phase out coal units and their associated mines threatens to put all coal-related companies in Poland into crisis, that have ignored for too long the impact of the energy transition on their future debt refinancing and investment capacity.
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