PGE Scraps $3.6B Coal Plant Development Project

Law360, New York (April 5, 2013, 4:35 PM EDT) -- PGE Capital Group SA, Poland's largest power company, said Friday that it will shut down its Opole II project aiming to build two new coal-fired power plants worth more than $3 billion, citing economic and energy market concerns.

The company had signed a deal with a consortium of engineering companies including Rafako SA, Polimex-Mostostal SA and Mostostal SA to build two new power plants in the southwestern city of Opole with a total capacity of 1800 megawatts.

But after rumors swirled earlier this week that PGE's...
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