Polish utility PGE posts 2024 net loss, dragged by tax asset write-down

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PGE GPW:PGE, Poland's largest power producer, reported a full-year 2024 net loss of 3.16 billion zlotys ($834.2 million), in line with preliminary results announced in March.The results, announced on Tuesday evening, were affected by a deferred tax asset write-down of about 2.4 billion zlotys due to lower projected results from its coal-based activities.PGE and other Polish utilities are under pressure from falling profitability from coal-fired power generation, having to cope with the cost of carbon emission rights and the growing share of electricity output being taken by renewables.PGE has been transitioning to renewable energy, aligning with Poland's commitments under European Union climate policies. The company aims to achieve climate neutrality by 2050 and plans to reduce its carbon footprint."Taking into account the challenges facing the energy sector, in 2025, the PGE Group will intensify actions aimed at diversifying energy generation sources and strengthening the resilience of the national critical infrastructure," CEO Dariusz Marzec said in a statement."Our goal is to reduce future energy prices for end consumers by investing in modern generation capacities, energy storage, and smart grids.Poland is one of the most coal-reliant countries in the European Union, given that, as of 2023, 70% of its electricity generation came from coal. ($1 = 3.7881 zlotys)

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