The Polish Ministry of State Assets has expressed its support to a proposed merger of Polish state-owned energy group PGE, Enea, Energa and Tauron Polska Energia. The State Treasury owns 57.4% of PGE, 51.5% of ENEA, 51.5% of Energa and 30.1% of Tauron. In term of power generation, the 4 groups had a combined market share of 72% in 2018. The previous government planned to merge Energa with PGE, but the proposed merger has been postponed until the restructuring of the coal sector is completed.
The Polish energy sector is restructuring, and various mergers and takeovers have been proposed recently. In December 2019, Polish oil refiner and retailer PKN Orlen (27.5% state-owned) presented a plan to take over Energa to strengthen its positions in the electricity market, offering PLN 7 (€1.63) per share and valuing Energa at PLN 2.9bn (€676m). PKN expected to close the PLN2.9bn (€677m) acquisition by mid-2020. PKN also proposed to acquire its rival Lotos in 2019; in August 2019, the European Commission opened an in-depth investigation into the proposed acquisition, considering that the merger may reduce competition in fuels supply in Poland and in neighbouring countries.
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