“The value of the transaction was one of the key elements of the negotiations and corresponds to the current value of PKP Energetyka. PGE is acquiring a company that generates more than PLN 700 million in EBITDA annually, and by leveraging the existing synergies with other areas of its own activity, it will additionally benefit from this,” said Maciej Małecki, State Secretary at the Ministry of State Assets, in an interview with the wPolityce.pl portal.
READ ALSO: PKP Energetyka returns to Polish hands! The company, sold during the PO-PSL era, will be bought back by the Polish Energy Group
wPolityce.pl: What is the meaning of the recovery of PKP Energetyka by the state?
Maciej Malecki: Strategic. After all, we are talking about a company that has a natural monopoly on Polish railways. A company that has 21.5 thousand kilometers of power lines and will always have a market for services. PKP Energetyka holds strategic assets covering the entire infrastructure needed for Poland’s railways – from energy distribution and sale to traction network maintenance. It should never be sold, which is why PGE’s decision to re-colonize is such an important event. This is not only a business move, but also an expression of responsibility for Poland’s energy security. Thanks to this transaction, PKP Energetyka – one of the most important elements of the Polish energy and transport infrastructure – was regained by Polish citizens and returned to Polish hands. This not only increases the safety of the transport infrastructure, but also strengthens PGE’s position in the domestic energy market. The PGE group, under the supervision of MAP, has shown how to protect the interests of the Polish state in difficult times of Russia’s aggressive policies. The takeover of the company by PGE is beneficial for the state and for PGE, as it ensures further business development and a secure view into the future.
PO politicians see no problem in selling the company to foreign capital. Did they not see the dangers of this?
I find it hard to believe they didn’t notice, even if they knew about this formation and its activities. Law and Justice was against the privatization of PKP Energetyka from the beginning and believed it was just a bad decision. There is no doubt that from the point of view of protecting the interests of the state, it is much better if the energy railway infrastructure, a crucial part of the infrastructure network of the whole country, is under the control of the state treasury. The sale of PKP Energetyka, like ordinary goods from the store shelf, was a fatal move that exposed the interests of our state to many potential risks. Both before and after privatization in 2015, many experts spoke loudly about it. Other countries do not let go of such important strategic assets, and Civic Platform did it without batting an eyelid.
There were allegations that the price at which the company was bought back was too high. How can you answer them?
The numbers speak for themselves, just look at it. In 2015, the value of PKP Energetyka was estimated at around PLN 2 billion, although this price seems strangely low. Today the value of this company is PLN 5.9 billion, of which PLN 3.8 billion are investments made since 2016. The value of the transaction was one of the key elements of the negotiations and corresponds to the current value of PKP Energetyka. PGE is acquiring a company that generates more than PLN 700 million in EBITDA annually, and by leveraging existing synergies with other areas of its own activity, it will also benefit from this. Since privatization, PKP Energetyka has undergone a profound organizational, technological and process transformation. The company did not stand still.
During PO-PSL’s rule, hundreds of companies owned by the Ministry of Finance were sold. In whose interests were the decision-makers of the time acting?
Getting rid of PKP Energetyka is an excellent example that PO and PSL politicians are unable to think in the interests of the Polish economy and common security. It is as if the previous team sold the doors to their own house, because there was a demand for them in the market. Any government – regardless of political affiliation – should be guided above all by the interests of the state, and in the case of the privatization of PKP Energetyka, it should be recognized that the Civic Platform and PSL acted against Poland’s long-term interests.
Thank you for the conversation.
Mateusz Majewski spoke
READ ALSO:
– Premier on the purchase of PKP Energetyka: it is an economically sound decision and a step in the right direction. Many thanks to Deputy Prime Minister Sasin
-ONLY HERE. Smoliński recalls the sale of PKP Energetyka: “This was the philosophy of the functioning of the state according to PO”
-PGE buys PKP Energetyka. Deputy Prime Minister Sasin: We are correcting errors of Tusk’s team. Strategic entities are returned to the hands of the state
Source: wPolityce