Poland's national utility, PGE Polska Grupa Energetyczna SA, announced it will abandon noncore business projects to cut costs, Reuters reported April 9.
PGE's decision was reportedly impacted by its roughly 4 billion zlotys, or approximately $958 million, net loss for 2019, weak share price performance, the current economic situation and market conditions as a result of the coronavirus pandemic.
Although it did not specify which projects will be closed, PGE affirmed its commitment to investing in wind and solar power generation. The company also intends to move forward with the construction of a 1.4-GW steam and gas unit at the Dolna Odra power plant, according to Reuters.
During the company's April 2 earnings conference call, management announced that work on unit 7 of PGE's 1.5-GW Turow coal-fired plant could be delayed due to a lack of specialist workers, including international workers unable to travel. Administrative delays could affect timelines for PGE's onshore wind assets.
As of April 8, US$1 was equivalent to 4.17 Polish zlotys.