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Sometimes one person's trash can be another person's gold
.
Czech energy tycoon Pavel Tykac is ready to spend 1 billion euros to buy aging coal and gas power plants
in Europe.
He believes dirty generators will support
Europe's countries for decades, mainly for green electricity.
"The media bubble on clean energy is not a reflection of what's really going on," said Alan Svoboda, executive director of Seven Energy, a utility and lignite miner owned by Tykac, "and our underlying assumption is that these legacy assets will be used to balance the grid in the
near future.
" ”
European governments are stepping up efforts to reduce pollution by phasing out coal use, disrupting the prospects
for traditional generators.
RWE AG, Germany's largest energy producer, has just added green power generation assets
in the biggest transformation of the utility industry in years.
But with solar and wind power driving Europe's power grids, Tykac and his team believe fossil fuel plants still need to make up for a generation's deficit when the sun isn't
bright or the weather is calm.
Svoboda said in an interview that this could last 20 years, especially after
Germany shut down all its nuclear power plants in 2022.
Tykac, the sixth-richest man in the Czech Republic, owns Seven Energy, which owns a 500-megawatt coal-fired power plant, lignite mining operations and a 25-person trading team
.
After a failed acquisition of German lignite assets by Swedish utility Vattenfall AB in 2016, Tykac is considering continuing to look for potential targets
in countries such as Germany, the U.
K.
and Italy.
Svoboda said the goal is to close the first deal by the end of the year, but did not disclose specific targets
.
Svoboda said that in Germany, where more than a third of electricity still comes from coal and lignite, large utilities may no longer want to invest money and resources to operate them
.
Seven Energy is happy to buy these assets out of their hands
.
But there are risks
to this move.
The EU's efforts to reduce greenhouse gas emissions have prompted some countries to adopt legislative measures to raise the cost of carbon emissions and make fossil fuels economically unattractive
.
"To a large extent, these risks are reflected in the prices of these assets, which is why they are so cheap," Svoboda said, "and even with the uncertainty, they still offer an interesting upside potential
.
" ”
Sometimes one person's trash can be another person's gold
.
Czech energy tycoon Pavel Tykac is ready to spend 1 billion euros to buy aging coal and gas power plants
in Europe.
He believes dirty generators will support
Europe's countries for decades, mainly for green electricity.
"The media bubble on clean energy is not a reflection of what's really going on," said Alan Svoboda, executive director of Seven Energy, a utility and lignite miner owned by Tykac, "and our underlying assumption is that these legacy assets will be used to balance the grid in the
near future.
" ”
European governments are stepping up efforts to reduce pollution by phasing out coal use, disrupting the prospects
for traditional generators.
RWE AG, Germany's largest energy producer, has just added green power generation assets
in the biggest transformation of the utility industry in years.
But with solar and wind power driving Europe's power grids, Tykac and his team believe fossil fuel plants still need to make up for a generation's deficit when the sun isn't
bright or the weather is calm.
Svoboda said in an interview that this could last 20 years, especially after
Germany shut down all its nuclear power plants in 2022.
Tykac, the sixth-richest man in the Czech Republic, owns Seven Energy, which owns a 500-megawatt coal-fired power plant, lignite mining operations and a 25-person trading team
.
After a failed acquisition of German lignite assets by Swedish utility Vattenfall AB in 2016, Tykac is considering continuing to look for potential targets
in countries such as Germany, the U.
K.
and Italy.
Svoboda said the goal is to close the first deal by the end of the year, but did not disclose specific targets
.
Svoboda said that in Germany, where more than a third of electricity still comes from coal and lignite, large utilities may no longer want to invest money and resources to operate them
.
Seven Energy is happy to buy these assets out of their hands
.
But there are risks
to this move.
The EU's efforts to reduce greenhouse gas emissions have prompted some countries to adopt legislative measures to raise the cost of carbon emissions and make fossil fuels economically unattractive
.
"To a large extent, these risks are reflected in the prices of these assets, which is why they are so cheap," Svoboda said, "and even with the uncertainty, they still offer an interesting upside potential
.
" ”
