Poland's PGE to focus on core ops, keeps wind targets

Polish power group PGE Polska Grupa Energetyczna SA (WSE:PGE) today said it will proceed to close projects with an unsatisfactory rate of return, especially non-core assets, and also urged its affiliated companies to take optimisation measures.

PGE said in a statement it recommends that group companies should look to increase margins, cut training expenses and review sponsorship projects other than those supporting hospitals and medical facilities in the fight against the COVID-19 pandemic.

The measures will not affect renewable energy activities. PGE said it will keep pursuing its onshore and offshore wind plans and added that it seeks to beef up its heating operations.

At present, the group is finalising work on onshore wind projects with a total capacity exceeding 97 MW, which will expand its installed wind portfolio to 647 MW. Meanwhile, PGE also continues the implementation of its plan to have 2.5 GW of offshore wind parks by 2030.

As per solar photovoltaics (PV), PGE still aims to build 2.5 GW by the end of the decade. Energy storage is also part of its plan.

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