Three Polish State Companies to Take 30% Stake in Nuclear Project

By Patryk Wasilewski

WARSAW--Three Polish state-owned companies have each bought a 10% stake in the country's nuclear power plant project, the companies said Monday.

Poland's second largest electricity producer Tauron Polska Energia (TPE.WA), its smaller rival Enea SA (ENA.WA) and copper miner KGHM Polska Miedz SA (KGH.WA) have all bought stakes. The country's top utility PGE Polska Grupa Energetyczna (PGE.WA) will remain the main investor with a 70% stake.

Poland's government in 2008 decided to push forward with construction of the first nuclear power plant in a move to cut its dependency on highly polluting coal as the main energy source, putting the state-owned PGE at helm of the project.

However, the global financial crisis and a nuclear disaster in Japan put the very expensive project on the sidelines with the government focusing on unconventional gas resources as a way to diversify energy production.

Originally the power plant was expected to kick off in 2020, but the launch has been delayed several times.

Write to Patryk Wasilewski at [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires