Polish PM calls for energy companies to prioritise cheap power
WARSAW, April 15 (Reuters) - Polish energy firms should prioritise providing cheap power rather than maximising profits, Prime Minister Donald Tusk said on Tuesday, amplifying a call for a 'repolonisation' of the economy that sent energy stocks tumbling.
Warsaw's WIG Energy Index (.ENER), opens new tab, which contains a number of state-controlled firms, was down around 5.5% at 0843 GMT, even as the broader market rose.
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"(The state company managers') first task, for example in the case of energy, is to provide the Polish state with energy security, Polish families, Polish households and Polish entrepreneurs with the cheapest possible energy needed," Tusk said at a business conference.
"Not necessarily to maximise the profits of a state-owned company."
Ipopema Securities analyst Robert Maj said that energy stocks had fallen in response to Tusk's comments.
"He mentioned that this isn't the time for energy companies to maximize profits," Maj said. "I think that investors are reacting to these words, because it could mean that the tariffs for the sale of electricity may simply fall below the costs of production."
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