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Poland's Tauron says sees asset impairment likely at year-end

Published 2015-09-03, 07:41 a/m
© Reuters. Poland's Tauron says sees asset impairment likely at year-end
PGE
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TPE
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WARSAW, Sept 3 (Reuters) - Poland's second biggest power
firm Tauron TPE.WA is likely to make asset impairment at the
end of this year after its biggest rival PGE PGE.WA booked a
record high write-down in the second quarter, Tauron's deputy
CEO said on Thursday.
"After PGE's decision I think we will have to do the same at
the end of this year," Tokarski told reporters.
He added that due to the difficult situation on the energy
market amid low electricity prices and rising carbon emission
costs, power producers are likely to write off at the end of
this year generation assets equaling a third of Poland's
installed capacity.
Tokarski also said that the company was planning to submit
an offer to buy Brzeszcze coal mine assets and already has
secured a group of partners to finance the mine's modernisation.
"One cannot save every job in Brzeszcze but one can save
Brzeszcze mine," Tokarski said.
Finding an investor for Brzeszcze was one of the pledges the
government commited to in its agreement with mining trade unions
signed an the start of this year.

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