Poland's PGE would like spin-off of coal assets to happen in 2025
Polish utility PGE would like the planned spin-off of its coal assets to happen in 2025, CEO Dariusz Marzec said during a press conference on Tuesday.
Once PGE completes the conceptual and regulatory work related to the plan, Marzec said he would like the group's new strategy to be announced.
"I would like us to announce a completely new strategy at this point, defining a new structure and direction for the group," he said.
Separately, Piotr Sudol, managing director of finance, said no decision had yet been made on a dividend.
On Monday PGE reported a 48% fall in first-quarter net profit to 893-million zlotys ($228-million) on revenue down 38% at 16.84 billion zlotys
Marzec said the group's performance was mainly affected by the state of the conventional energy sector in Poland.
"This clearly shows that creation of a stable framework for the operation of the power industry is a necessary action, including the need to spin off conventional assets from PGE in order to provide our group with opportunities for the development and financing of further investments, and these have strongly accelerated since the beginning of this year," he said.
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