Last week, deputy treasury minister Jan Bury announced that if PGE would take over Energa, the treasury might withdraw from the plan to pay out advance dividend from PGE. The treasury decided earlier in August, about starting talks about selling Energa from PGE and the Czech company Energetický a Průmyslový Holding (EPH). PGE said that wanted to end the due diligence by the mid-September. However, the opposition against the acquisition of Energa by PGE was tabled by the CEO of the Office of Competition and Consumer Protection (UOKiK). 

PGE increased its investment outlays in H1/2010 by 12% y/y to PLN 1.86bn (EUR 0.45bn) , mostly due to headway in the implementation of conventional power generation investment projects, the firm also said. At the beginning of the year, PGE announced that it planned to increase its investment outlays to over PLN 4.0bn in 2010 from PLN 3.7bn incurred last year. The company declared then that it had about PLN 3bn of free cash, and additionally - bonds programmes and potential credits worth of over PLN 3 bn, which might give financing for PLN 6.5-7.0bn.

Late on Tuesday, PGE announced its H1/2010 financial results . Its net consolidated profit fell by 20% y/y to PLN 1.84bn (EUR 0.46bn), while revenues decreased by 4.3% to PLN 10.11bn (EUR 2.53bn). PGE explained that its H1/2010 result was influenced strongly by a fall in the level of compensations for the early termination of the long-term power purchase agreements (a decrease from PLN 818m in H1/ 2009 down to PLN 170m in H1/2010). In H2/2010, PGE expects PLN 250mn of these compensations, Zadroga said.

ISB, tom