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Polish TAURON sells off coal mines as part of its energy transition strategy

On the last day of 2022, Poland’s State Treasury bought 100 per cent shares of TAURON Wydobycie, the owner and operator of the Sobieski, Janina and Brzeszcze coal mines, the Polish energy distributor TAURON announced earlier this week.

President of the Management Board of TAURON Group, Paweł Szczeszek said: “The process of separating mining assets from the TAURON Group is one of the most important processes of the Group’s energy transformation in recent years. The separation of mines from the Group’s structures was substantiated by the tightening policy of financial institutions aimed at decarbonising their investment portfolios.”

In October 2022, TAURON concluded a conditional agreement on the sale of shares in TAURON Wydobycie with the State Treasury, and by mid-December, all the conditions of the agreement concerning the decision of National Centre for Agriculture Support (Krajowy Ośrodek Wsparcia Rolnictwa) not to exercise the right of pre-emption of the company’s shares and the redemption of TAURON Wydobycie’s debt to TAURON were met.

Together with preparations related to the separation of mining assets, TAURON Group is working on the separation of coal-based generation assets to the National Energy Security Agency.

Mr Szczeszek added: “Completion of the sale of TAURON Wydobycie shares, and in the next step, the separation of coal generation assets to the National Energy Security Agency will unlock our investment potential by strengthening the Group’s position in relations with financial institutions. We will direct the largest financial stream in the coming years to the expansion of RES assets and the development of power grids.”

The Strategy of the TAURON Group, which is being implemented since June 2022, sets out a six-fold increase in the installed capacity of renewables and a reduction in emissions by almost 80 per cent. The priority of the TAURON Group’s Strategy is also to strengthen its leadership in energy distribution and the development of technologies in the management of distributed energy sources.

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