PGE signs letter of intent to sell its shares in PGE EJ 1

PGE signed a letter of intent to sell its shares in PGE EJ 1 to the State Treasury. PGE EJ 1 is a special purpose vehicle that’s in charge of Poland's nuclear program. “The energy industry is currently undergoing a profound transformation and such a large investment in the nuclear project exceeds the financial capabilities of the power companies. That is why we are signing a letter of intent with the State Treasury opening negotiations on the possibility of the government administration taking over the entire investment in the first nuclear power plant in Poland,” said Wojciech Dabrowski, president of the PGE management board. “In the perspective of rapid development of renewable energy sources and gradual phase-out of conventional power generation, nuclear power will be an important element of the energy system based on low and zero-emission generation.”