PUŁAWY POWER PLANT – THE COMPANY BELONGING TO GRUPA AZOTY
The Management Board of Grupa Azoty Zakłady Azotowe S.A. announced in the Current Report No. 29/2014 of December 23rd 2014 that following the Agreement on the termination of the Agreement with PGE Górnictwo i Energetyka Konwencjonalna S.A. on joint venture concluded on May 31st 2011 concerning the realization of Puławy Power Plant Project, on December 23rd 2014 Grupa Azoty Zakłady Azotowe S.A. purchased 11.074 shares in Puławy Power Plant for the total price of PLN 16.395.535.91 from PGE GiEK with the effect that Grupa Azoty Puławy will posses 100 % shares and votes in Puławy Power Plant at the shareholders meeting. Earlier on December 4th 2014 Grupa Azoty Puławy informed about the nullification of the tender for the selection of general contractor for Puławy Power Plant and announced that it considered possibilities of the continuation of energy project in another variant.
A NEW FORMAT OF PUŁAWY POWER PLANT
The Management Board of Grupa Azoty Zakłady Azotowe S.A. announced in the Stock Report No. 21/2015 that on May 25th the Supervisory Board of Grupa Azoty Puławy granted consent for the realization of investment – the construction of combined cycle (gas-steam) power plant 400 MWe.
The decision on the construction of combined cycle (gas-steam) power plant is the continuation of Puławy Power Plant Project in the new formula (Grupa Azoty Puławy informed about its analyses in Current Report No. 26/2014 of December 4th 2014). The realization of the above mentioned investment is driven by the need to ensure reliability of supply of heat and energy with having to incur high costs for the modernization of heat and power plant and by the increased demand of Grupa Azoty Puławy for these utilities . The project will be realized with the participation of SPV – Elektrownia Puławy sp z o.o. Surplus energy will be sold on the market. The planned budget of the project amounts to PLN 1.125.000.00. The expected project completion date: 2019.