Polish utilities fall as power price cut plan sparks losses fears

About this update from Pt Pertamina Geothermal Energy Tbk

** Shares in Polish state-owned utilities PGE GPW:PGE, Enea GPW:ENA and Tauron GPW:TPE slide, dragging Poland's WIG-Energy GPW:GPW index down as much as 5.3%, on proposal for electricity price cut** Polish President Karol Nawrocki said he would propose a law to cut electricity prices for 2025 by 33%, a campaign promise the market had "forgotten about," triggering the sell-off, Ipopema Securities analyst Robert Maj says** "If there is no compensation for energy companies, there will be huge losses," Maj says, estimating a potential loss of over 1 billion zlotys ($275 million) for Tauron and around 1 billion for Enea ** While the proposed bill may be presented on Friday, Maj notes it is uncertain whether it would pass through parliament, but still creates significant regulatory risk for the sector** PGE is down 5.2%, Tauron slips 3.7% and Enea is down 3.8% at 1058 GMT($1 = 0.8571 euros)

View stock analysis, news, and events for Pt Pertamina Geothermal Energy Tbk