Three days after presenting a $30 billion plan to give up coal by 2030, Poland’s largest power producer PGE SA faces a potential management shakeup and a backlash from angry unions.
The developments highlight the difficulties confronting Poland, the European Union’s most coal-dependent country, as it seeks to transform its industry to meet the bloc’s climate goals. PGE shares are on track for their biggest weekly slump since June.
PGE and the State Assets Ministry, which oversees the utility, both declined to comment. Any larger retreat from plans to go green by PGE risk alienating investors, which it needs to help pay for the transition. The owner of the EU’s largest lignite-fired power plant in Belchatow — whose CO2 emissions are roughly equal to those of Sweden — on Tuesday unveiled plans to spend 125 billion zloty on renewable, nuclear and gas-fired energy projects this decade.
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