Poland's largest power utility, PGE Polska Grupa Energetyczna has decided to sell 10% shareholdings (30% of all shares) in its subsidiary PGE EJ 1 to ENEA, KGHM Polska Miedź and TAURON Polska Energia. PGE EJ 1 is responsible for the preparation of the investment process and the subsequent construction of Poland's first nuclear power plant with a capacity of approximately 3,000 MW. The agreement provides for the parties' joint financing of all activities related to the execution of the investment project and planned for the next three years. The partners will participate in costs in proportion to their shareholdings in PGE EJ 1. They estimate that the combined costs to be incurred in this period could reach PLN 1bn (€240m). The main objectives set for this period include in particular the selection of a strategic partner, a supplier of technology, a contractor responsible for the construction of the nuclear plant on an Engineering, Procurement, Construction (EPC) basis, and a supplier of nuclear fuel as well as the acquisition of financing for the project. The first units are expected to be commissioned in 2024.
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