PGE: the top coal-fired utility in Europe does not intend to step down

PGE is identified as the most coal-intensive utility in Europe, with 15 GW of capacity and 71% of its revenue derived from coal. The company plans to exit coal by 2049 and is currently expanding the Turów coal mine and developing new gas power plants. The document highlights a contradiction in BlackRock's investment in PGE given BlackRock's 1.5°C alignment pledges.

• PGE is the most coal-intensive utility in Europe and the largest supplier of coal-fired electricity, with 15 GW of installed coal power capacities representing 88% of its power production.
• PGE derives over 71% of its revenue from coal and operates Bełchatów, Europe's most polluting coal power plant, which is scheduled to close in 2038.
• PGE's plan to exit coal by 2049 is described as being 19 years too late to meet the requirement of phasing out all coal-fired power generation in the EU/OECD by 2030 to limit global warming to 1.5°C.
• Despite scientific reports against new coal projects, PGE is constructing new coal-fired power plants and expanding the lifetime of the Turów coal mine to 2044, a process the European Commission confirmed violates at least two European laws.
• PGE intends to diversify its carbon-based energy mix by tripling its gas capacities between 2020 and 2035, despite current gas capacities being around 5% of its generation mix.
• BlackRock is the third largest shareholder of PGE with 67.3 million dollars, which the document claims is inconsistent with BlackRock's 2020 pledge to align its portfolio with a 1.5°C trajectory and net-zero target by 2050.

APA

admin (2022). PGE: the top coal-fired utility in Europe does not intend to step down. Reclaim Finance. https://reclaimfinance.org/site/en/2022/04/06/pge-the-top-coal-fired-utility-in-europe-does-not-intend-to-step-down/

Chicago

admin. PGE: the top coal-fired utility in Europe does not intend to step down. Reclaim Finance, 2022. https://reclaimfinance.org/site/en/2022/04/06/pge-the-top-coal-fired-utility-in-europe-does-not-intend-to-step-down/.

Wikipedia

{{cite press release |last1=admin |title=PGE: the top coal-fired utility in Europe does not intend to step down |publisher=Reclaim Finance |date=6 April 2022 |url=https://reclaimfinance.org/site/en/2022/04/06/pge-the-top-coal-fired-utility-in-europe-does-not-intend-to-step-down/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2022pge, author = {admin}, title = {{PGE: the top coal-fired utility in Europe does not intend to step down}}, publisher = {Reclaim Finance}, year = {2022}, month = apr, url = {https://reclaimfinance.org/site/en/2022/04/06/pge-the-top-coal-fired-utility-in-europe-does-not-intend-to-step-down/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }