Diana Maciąga, email@example.com
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Coal units in Europe turned out to be sand castles – says the article, which appeared on 13 August at rp.pl. Of the 49 GW coal power planned in Europe in 2005-2008, only 21% were actually built. 37.8 GW were abandoned and 1.1 GW remains on paper. In the UK no coal unit was created, in Poland 75% of projects were abandoned and in Germany - 70%. Most of the 12 built power plants suffered serious impairment which worsened the financial position of the corporations that own them. The author of the article points out that new coal investments are no longer profitable, which also applies to the power plants planned in Poland: "Nobody even tries to hide that these blocks without a support mechanism, the so called capacity market, will not be feasible." Even before such a development, NGOs, including the Stop North Power Coalition, had been saying this for years. In the meantime, it is clear from the article that despite the logic and the market situation, ENERGA's determination to carry out the coal unit in Ostrołęka – even without regulatory support – is growing.
This seems to be confirmed by the statement of ENERGA Group Vice-President on 9 August. Jacek Kościelniak claims that there are no threats to the construction of the Ostrołęka C power plant. "We have the opportunity to comment on the draft law . We hope that they will be taken into account, and the entire capacity market law will also take into account the case of the Ostrołęka C power plant." Does this mean that the capacity market for which Polish citizens will pay is set to build unprofitable power plants?
The vice president also claims that Ostrołęka C will emit "trace amounts of CO2" which is a bizarre claim in the case of a coal-fired power plant. The European Commission has proposed that from 2020 the power market and other support methods for power plants only concern installations emitting less than 550 g CO2 per 1 KWh, which we read in the article titled “Capacity market will not save the coal”. The author of the article emphasizes that the capacity market will not stop the development of RES or save Polish coal, and the power plants themselves will work less and less. "If anyone in the government believes that the capacity market will provide a bright future for Polish coal, it means they are living in the world of illusions," she concludes. In this light, the question is whether the ENERGA Board and Shareholders live in the world of illusion as well?
The ENERGA Board has repeatedly stressed that the capacity market is essential to ensure the viability of the Ostrołęka C, without which it will generate financial losses. This information was included in Eurobond prospectus from February 2017 and in the response of the Management Board to the shareholders' questions in July. However, after a few weeks, the media were informed that the construction of Ostrołęka C will take place regardless of whether or not the Capacity Market Act is implemented. ENERGA proves in this way that it does not have a long-term strategy and does not treat its shareholders seriously giving them vital information that turn out to be outdated only a few weeks later.