The Management Board of TAURON Polska Energia is conducting activities that will have a positive impact on the financial position of the Group and will allow for the outlook of the Fitch credit rating (BBB) to be upgraded to ”stable”. The efficiency improvement program for the years 2013-2015 is yielding higher savings than planned. A new program will be launched soon.
On 27 October Fitch maintained the company's long-term rating at BBB and changed its outlook from "stable" to "negative". This change was justified by the lower WACC in the energy distribution sector expected from 2016 - independent of the Group and defined by the President of the Energy Regulatory Office - and the planned acquisition in the upstream segment. At the same time, Fitch emphasized, that the negative impact of these two factors will be partially offset by a planned capital increase and the associated issue of non-voting shares, which will be taken up by the State Treasury. Fitch has also announced the possibility of restoring the ”stable” outlook of the ranking, if the investment program of the TAURON Group is adjusted to match the planned liquidity position.
- TAURON is conducting activities that will allow for the stable financial position of the Group to be maintained. We intend to flexibly approach the implementation of investments and to adapt them to the Group's financial capabilities. We are also working on a new bond program, which will allow for the refinancing of debt in the amount of PLN 3 billion maturing in December next year and the financing of capital expenditures - says Anna Striżyk, the Vice-President for Economics and Finance at TAURON Polska Energia.
An efficiency improvement program for the years 2013-2015 is also implemented at the TAURON Group.
- The achieved savings will be higher than the company originally planned. We will soon launch another ambitious savings program for the next three years, which will enable the TAURON Group to adapt to the difficult market conditions and to implement the investment program - informs Anna Striżyk.
After the first half of this year the efficiency improvement program for the years 2013-2015 has brought savings of approx. PLN 970 million, compared with the planned amount of PLN 864 million over the entire period of the program.
TAURON is also expecting more favorable solutions for the operational reserve of power and the introduction of mechanisms related to the power market.