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PGE takes full control of Poland’s second nuclear power plant project

PGE acquires ZE PAK's stake in the joint venture responsible for developing Poland’s second nuclear site, consolidating a strategic asset within its energy portfolio.

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PGE Polska Grupa Energetyczna SA, Poland’s leading state-owned electricity producer, has signed a preliminary agreement to acquire the 50% stake held by ZE PAK SA in PGE PAK Energia Jądrowa SA. This special purpose vehicle oversees preparatory works for the country’s second nuclear plant, planned in Pątnów, in collaboration with South Korean partners.

PGE secures a strategic nuclear asset

The transaction, pending regulatory approval, will result in PGE becoming the sole shareholder of the joint venture created in April 2023. The initial project was launched with support from the Ministry of State Assets, South Korea’s Ministry of Trade, Industry and Energy, and Korea Hydro & Nuclear Power (KHNP). PGE PAK Energia Jądrowa represents the Polish side in the programme, including site studies, financing mobilisation and administrative procedures.

Ministerial approval expected by late November

The agreement states that the transaction will be completed once the Ministry responsible for energy resources grants approval, in accordance with the Act of 29 June 2011 on investments in nuclear power facilities. The final transaction is expected no later than 27 November. PGE will then hold full control over the governance structure and technical direction of the project.

Projected output of 22 TWh annually

The Pątnów nuclear project, which will use two APR1400 reactors supplied by South Korea, aims to produce 22 TWh annually, equivalent to roughly 12% of the country’s current electricity demand. A decision-in-principle request was submitted to the Ministry of Climate and Environment in August 2023, including planned technical and operational details. The permit was granted later that year.

PGE expands its nuclear portfolio

In parallel, PGE is also involved in developing another nuclear plant in Pomerania, in cooperation with US company Westinghouse, based on AP1000 technology. PGE President Dariusz Marzec stated that the acquisition will enhance the group’s assessment capacity for the Bełchatów site while exploring a small modular reactor (SMR) installation in Turow.

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