EU Boosts Polish Power Grid with 1.3 Billion Zloty Grant
The Polish power grid operator, PSE, has secured a 1.3 billion zloty grant from the EU for network improvements. The funding, part of the EU's economic recovery plan, supports PSE's significant investment strategy through 2034, aiming to enhance transmission capabilities amid rising costs.
The Polish power grid operator, PSE, has received a substantial boost with a 1.3 billion zloty ($348 million) grant from the European Union. The announcement was made by Climate Minister Paulina Hennig-Kloska on Monday.
PSE's transmission network development, planned for 2025-2034, outlines an investment of over 64 billion zlotys by 2034. The grant comes from the EU's post-pandemic economic recovery facility, which allocates nearly 60 billion euros ($68 billion) to Poland in grants and loans to be utilized by 2026.
At the event, PSE CEO Grzegorz Onichimowski emphasized the need for financial agility due to increasing costs. The company is expected to finalize an agreement with Polish development bank BGK for refundable financing under the EU plan.
(With inputs from agencies.)
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