Polish utility set to acquire district heating plant

One of Poland‘s largest companies is set to bid for the PEC district heating plant.
PGNiG logo sign
Gas firm PGNiG has submitted an offer to buy the plant from the troubled coking coal producer JSW, the miner’s spokeswoman said. State-run JSW, which reported a net loss of $638.2m in the fourth quarter due to record low coal prices and rising labour costs, is looking to sell assets to raise cash.

The offer for the PEC plant in the south of the country was submitted by PGNiG’s power unit PGNiG Termika to JSW’s power generation and heating plant subsidiary SEJ.

“The offer, dated back to February 29, is now being analysed,” a spokeswoman for JSW said.

PGNiG, which is also controlled by the government, said last year it was looking at acquiring some district heating plants in Poland.

Last week the company said it was interested in buying French utlity EDF’s local coal-fired power and heating plants, which media reports have said could be worth up to $507 million.

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