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Vattenfall reduces presence in Poland, may exit altogether


2011-02-15



Vattenfall, the Swedish energy group, has abandoned plans to build power plants in Opalenie (Pomorskie voivodship) and Pulawy (Lubelskie voivodship), and is conducting a strategic review that could result in its complete exit from Poland. The move reflects a new strategy whereby the group is to focus on three core markets in Western Europe (Sweden, Germany, the Netherlands) from which it derives 85% of revenues.

Poland is one of five markets which Vattenfall defined as non-core, along with Finland, Denmark, Belgium and the United Kingdom. The company admitted that while no final decisions have been made, it is probable that it will seek buyers for all of its assets in Poland, with one senior official quoted as saying it might take place “shortly”.

Nevertheless, an ongoing project to build a new, 480 MW cogeneration block in Warsaw is to go ahead. It will represent a major asset in case Vattenfall Heat Poland, the group’s Polish CHP unit, is put up for sale.

Vattenfall’s Polish operations include, apart from Vattenfall Heat Poland, Vattenfall Distribution Poland, a 30 MW wind farm in the Zachodniopomorskie voivodship and two energy trading companies.

One likely suitor for Vattenfall’s Polish assets is thought to be Fortum, the Finnish energy group.

See also the news item 'Dalkia, EdF announce CO2-saving investments'.



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