Equities

Reuters reveals Poland’s PGE ditches lead role in nuclear power project to focus on wind; market reacts

Reuters reveals Poland’s PGE ditches lead role in nuclear power project to focus on wind; market reacts

Reuters exclusively reported state-controlled PGE, Poland’s largest power group, had abandoned its leading role in plans to build the country’s first nuclear power station and state-run refiner PKN Orlen could take it on. PGE’s shares rose 7 percent after the Reuters report was published, while PKN Orlen’s shares slid 5 percent. PGE could still be involved if the nuclear project wins government approval but the power company’s main focus would be on a new offshore wind farm. Both projects are part of a major change in Polish energy policy as it looks for alternatives to coal power to fill an electricity shortfall.