Wednesday 4 November 2015

Poland to receive PLN 2bn to boost energy sector

Poland has received a loan worth nearly PLN 2 billion (£0.32bn) to improve the country’s energy sector.

It will be used by Polska Grupa Energetyczna (PGE) Group to upgrade the electricity network and build two gas-fired, combined heat and power plants.

The two projects are expected to reduce coal generation as well as cut around 275g of carbon emissions per kWh.

The loan comes from the European Investment Bank (EIB).

László Baranyay, EIB Vice President with responsibility for the Bank’s operations in Poland, said: "The EIB, as the bank of the European Union, strongly promotes a competitive, diversified and secure energy supply. We therefore particularly welcome this agreement with PGE as its investment is improving the reliability of the electricity supply in Poland and reducing interruptions in distribution.

"Thanks to the use of gas, PGE’s undertaking is also increasing the diversification of the Polish power sector, which is dominated by coal-fired plants."