Poland's PGE will spend $63.8 billion in new strategy
PGE, Poland's largest utility, plans to invest 235 billion Zlotys (63.80 billion dollars) by 2035. It will focus on renewables and gas-fired plants as well as energy storage.
PGE's core profit is expected to increase from 11 billion Zlotys (in 2024) to 17 billion Zlotys (in 2030) and 30 billion Zlotys (2035), as a result.
The company intends to resume dividend payments once it has achieved recurring net profits, positive free cash flow over two years and maintained an investment grade rating.
PGE paid its last dividend in 2016 before ceasing to pay out for the purpose of financing its investment plans.
PGE will invest 85 billion zlotys into renewable energy projects, including offshore and onshore solar farms, hydroelectric plants, and wind farms. This investment is intended to increase the installed capacity of PGE to 9 gigawatts.
The company also plans to invest 37 billion zlotys to build 10 GW of gas-fired flexible power plants that are ready to switch to zero-emission fuels.
The utility plans to invest 75 billion Zlotys into distribution development, 39 Billion Zlotys for acquisitions and 14 Billion Zlotys into energy storage. It aims to reach 18 GWh, which represents about 60% of market.
(source: Reuters)
