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Establishment of PGE PAK Energia Jądrowa
Establishment of PGE PAK Energia Jądrowa – construction of a nuclear power plant in Konin/Pątnów in the Greater Poland region
PGE PAK Energia Jądrowa S.A. is the name of the joint company between PGE Polska Grupa Energetyczna and ZE PAK, which will participate in the nuclear power plant project in Konin/Pątnów in the region of Greater Poland. The company was established in just five months after the Letter of Intent between PGE, ZE PAK and Korea's KHNP was signed on October 31, 2022, in Seoul. PGE and ZE PAK will each hold 50 per cent of the shares in PGE PAK Energia Jądrowa, which allows to maintain and secure the State Treasury's interest in the project.
On April 13, 2023, PGE and ZE PAK signed the Articles of Association of PGE PAK Energia Jądrowa S.A. The aim and task of the company will be to take part in the planned construction of a nuclear power plant in Konin/Pątnów in Greater Poland (Wielkopolska). The power plant is going to be a joint venture of PGE PAK Energia Jądrowa S.A. and the Korean KHNP. The investment will be implemented based on the safe and proven APR 1400 reactor technology.
On the basis of the preliminary analyses conducted so far, it has been assessed that it is prospective to site at least 2 APR1400 reactors with a total capacity of 2800 MW. Two reactors could supply Polish homes and businesses with about 22 TWh of energy, that is ca. 12 per cent of today’s energy consumption in Poland. The commissioning of the first unit of the power plant will be possible as early as 2035.
PGE PAK Energia Jądrowa is tasked with preparing three elements of the investment: a feasibility study, a site and location survey, and an environmental impact assessment for the planned construction of a nuclear power plant.
The work schedule on the preparation of the investment is proceeding at a record pace:
31/10/2022
- signing of a Letter of Intent by PGE, PAK and Korean KHNP
- signing a Cooperation Agreement between representatives of the governments of Poland and Korea: Jacek Sasin, Deputy Prime Minister and Minister of State Assets of the Government of the Republic of Poland, and Lee Chang-Yang, Minister of Trade, Industry and Energy of Korea
31/12/2022
- pre-feasibility study of a potential nuclear power plant in Konin/Pątnów completed
07/03/2023
- signing of a preliminary agreement between PGE and ZE PAK on the establishment of a joint special purpose vehicle to conduct a nuclear power plant construction project in the Konin region
08/03/2023
- PGE and ZE PAK's application to the Office of Competition and Consumer Protection (UOKiK) on the creation of a joint special purpose vehicle
29/03/2023
- UOKiK approval for the establishment of a joint venture of PGE and ZE PAK, which will operate in the field of nuclear energy
13/04/2023
- a joint special purpose vehicle of PGE and ZE PAK is established, i.e.: PGE PAK Energia Jądrowa S.A.
PGE PAK Energia Jądrowa S.A., in accordance with the assumptions, will represent the Polish side at all stages of the project, including the performance of the location and environmental studies, acquiring financing, and the preparation of a detailed investment schedule together with the Korean side, but also, in the subsequent stages, obtaining permits and administrative decisions.
Energy independence is fundamental to our security. That is why the Polish government is developing the Polish Nuclear Power Programme, which will guarantee cheap and clean energy from the atom. It will also provide a vital impetus for the further development of the Polish economy. The power plant, which Polish companies PGE and ZE PAK are planning to build with the Korean partner, will complement this programme. I am pleased to see the pace of work on the implementation of the project, which, in addition to achieving business objectives, will strengthen relations and cooperation between Poland and South Korea, said Jacek Sasin, Deputy Prime Minister, Minister of State Assets.
- This is an important day for Poland, the Polish energy sector, the inhabitants of the region, but also for me personally. We have been conducting our operations very dynamically, and the establishment of PGE PAK Energia Jądrowa is the best proof of this. We need clean and cheap zero-carbon energy, and we are ready to implement the construction of a nuclear power plant together with our Korean partners, said Zygmunt Solorz, the main shareholder and Chairman of the Supervisory Board of ZE PAK.
- In less than six months since signing the Letter of Intent, we have carried out all the work planned for this period, which has confirmed the assumptions made earlier regarding the construction of a nuclear power plant in the Konin region. The culmination of these activities is the establishment of PGE PAK Energia Jądrowa S.A. From now on, the company representing PGE and ZE PAK will automatically take over all the tasks related to the preparation for this investment and the ongoing cooperation with our Korean partners from KHNP – said Wojciech Dąbrowski, President of the Management Board of PGE Polska Grupa Energetyczna – Nuclear energy, next to RES, has a chance to become the most important source of safe and cheap zero-emission energy for Poland, guaranteeing our energy security, strengthening the competitiveness of the economy and taking care of the environment, added Wojciech Dąbrowski.
- I am convinced that with this pace of work and the support of the stateas well as local government authorities, institutions, offices, and bodies responsible for issuing the relevant approvals, permits and decisions, the commissioning of the first unit is possible as early as the middle of the next decade. The construction of the nuclear power plant will be a backbone of the Eastern Greater Poland energy transition, implemented under the conditions of the ‘just transition’, taking into account the interests of local communities and the employees of the ZE PAK power and coal complex, said Piotr Woźny, President of the Management Board of ZE PAK.
The Supervisory Board of PGE PAK Energia Jądrowa S.A. will comprise 12 members – six from each shareholder. The Management Board will be composed of four members – two from each side. Zygmunt Solorz will be the Chairman of the Supervisory Board, and Jakub Rybicki will be the President of the Management Board. The seat of the Company is Konin.
Composition of the Supervisory Board:
1. Zygmunt Solorz – Chairman of the Supervisory Board
2. Wojciech Dąbrowski – Vice-Chairman of the Supervisory Board
3. Tobias Solorz – Member of the Supervisory Board
4. Piotr Żak – Member of the Supervisory Board
5. Justyna Kulka – Member of the Supervisory Board
6. Tomasz Szeląg – Member of the Supervisory Board
7. Jarosław Grzesiak – Member of the Supervisory Board
8. Piotr Skrzydelski – Member of the Supervisory Board
9. Damian Bronner – Member of the Supervisory Board
10. Tomasz Trautsolt – Member of the Supervisory Board
11. Paweł Stępień – Member of the Supervisory Board
12. Radosław Kwaśnicki – Member of the Supervisory Board
Composition of the Management Board:
1. Jakub Rybicki – President of the Management Board
2. Maciej Stec – Vice-President of the Management Board
3. Tomasz Nowacki – Member of the Management Board
4. Maciej Koński – Member of the Management Board