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PGE Group scraps updated business strategy

The Management Board of Polish energy company Polska Grupa Energetyczna (PGE) has revoked the resolution adopting the company’s updated business strategy, which was announced last week.

“The decision is due to the need to complete the process of establishing the National Energy Security Agency,” the company said in a press release.

The process of updating PGE Group’s strategy is “closely related to the establishment of the National Energy Security Agency,” the company noted in the press release. Consequently, PGE’s Management Board took the decision to repeal the updated strategy.

The now-revoked strategy set out a commitment to end coal use for electricity and heat production by 2030.

Once established, the new National Energy Security Agency will take over coal assets from Polish energy companies to aid them in attracting financing for green investments. The agency will become the largest electricity producer in Poland, responsible for around 50 per cent of power production and employing over 25,000 people.

This means that coal power plants will be able to function in Poland for the next 20-30 years. While the agency foresees renovations and modernisation of the existing coal-powered power plants, it does not plan to expand the current fleet.

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