On 11 October, the President of the Office of Competition and Consumer Protection (UOKiK) issued a permit for concentration involving establishment by TAURON Poland Energia and PGNiG a joint venture in the form of a special purpose vehicle operating under the name of Elektorciepłownia Stalowa Wola (EC Stalowa Wola).
EC Stalowa Wola will commence further works pertaining to the realisation of the investment involving construction of a gas and steam unit at Stalowa Wola, fired with natural gas, of the power output of approx. 400 MW and heating power of approx. 240 MW. Maximum cost of the investment has been estimated to amount to approx. PLN 2 billion, and completion of the project has been planned to take place in the second half of 2014. Gas fuel will be delivered by PGNiG. The technology applied will make it possible to meet all environmental requirements with very high efficiency of the unit.
The partners anticipate project execution on equal terms, both with respect to rights and obligations. The project execution agreement signed in May 2010 stipulates that final stockholders of EC Stalowa Wola will include Elektrownia Stalowa Wola (owned by the TAURON Group) and PGNiG Energia (owned by the PGNiG Capital Group). Elektrownia Stalowa Wola and PGNiG Energia will each own 50 per cent of the stock of EC Stalowa Wola. At the moment, 100 per cent of stock of EC Stalowa Wola is owned by Elektrownia Stalowa Wola.
Execution of the gas and steam unit at Stalowa Wola is consistent with the assumptions of the corporate strategy of the TAURON Group which, among other things, provides for diversification of the power generation segment of the Group by means of utilising gaseous fuels.
