By the end of this year, Polish Oil and Gas Company (PGNiG) will present an updated strategy for the entire PGNiG Group. One new strategic initiative will be to build the segment of renewable energy sources (RES). The group may spend up to PLN 4 billion on its creation and development, which will ultimately help the group achieve generating capacity of up to 900 MW.
“In building and developing the RES segment, we are most interested in wind power and photovoltaic projects. These technologies offer the greatest investment potential. Considering our investment capabilities, the most attractive projects for us are those already existing or at a very advanced stage of development. There is enough of such projects on the market,” stated Arkadiusz Sekscinski, Vice President of the PGNiG Management Board, Development. “At the same time we also intend to build our own development competencies in this area by developing, for instance, photovoltaic projects on the sites and areas owned by the PGNiG Group”.
PGNiG believes that RES will help stabilise its financial performance. RES are not sensitive to movements in hydrocarbon prices, which have a strong effect on segments of PGNiG Group’s business such as exploration and production, and trade and storage.
PGNiG is already performing investment simulations and will seek to establish cooperation with potential partners. First decisions regarding investment in RES may even be made before the strategy is updated.
Read the article online at: https://www.hydrocarbonengineering.com/the-environment/10062020/pgnig-to-introduce-renewables-strategy/