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Restructuring and Privatizing the Coal Industries in Central and Eastern Europe and the Cis

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Restructuring and Privatizing the Coal Industries in Central and Eastern Europe and the Cis RESTRUCTURING AND PRIVATIZING THE COAL INDUSTRIES IN CENTRAL AND EASTERN EUROPE AND THE CIS RESTRUCTURING AND PRIVATIZING THE COAL INDUSTRIES IN CENTRAL AND EASTERN EUROPE AND THE CIS COPYRIGHT © 2000 WORLD ENERGY COUNCIL All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, electrostatic, magnetic, mechanical, photocopy, recording or otherwise, without prior permission of the copyright holder. Published August 2000 by: World Energy Council 5th Floor, Regency House 1-4 Warwick Street London W1B 5LT United Kingdom WEC MEMBER COMMITTEES as at August 2000 Albania Hong Kong, China Paraguay Algeria Hungary Peru Argentina Iceland Philippines Australia India Poland Austria Indonesia Portugal Belarus Iran (Islamic Republic) Romania Belgium Ireland Russian Federation Bolivia Israel Saudi Arabia Botswana Italy Senegal Brazil Japan Singapore Bulgaria Jordan Slovakia Cameroon Kenya Slovenia Canada Korea (Republic) South Africa Chile Latvia Spain China (People's Republic) Libya/GSPLAJ Sri Lanka Congo (Democratic Republic) Lithuania Swaziland Côte d'Ivoire Luxembourg Sweden Croatia Mali Switzerland Czech Republic Mexico Syria (Arab Republic) Denmark Monaco Taiwan, China Egypt (Arab Republic) Mongolia Tanzania Estonia Morocco Thailand Ethiopia Namibia Trinidad & Tobago Finland Nepal Tunisia Macedonia (Republic) Netherlands Turkey France New Zealand USA Gabon Niger Ukraine Germany Nigeria United Kingdom Ghana Norway Uruguay Greece Pakistan Venezuela Yemen i WEC EAST-WEST EUROPEAN ENERGY PROGRAMME Group A "Commonwealth of Independent States" Chairman: H. E. Sergei B. Tulub, Minister of Energy, Ukraine Belarus: V. Gerasimov, Director General, Belenergo France: L. Charreyre, EDF Germany: H. Holfeld, Siemens, W. Strassburg, RWE Italy: U. Farisei, Nuovo Pignone, Turbotecnica Mongolia: B. Jiglid, Ministry of Energy Russia: Dr. G. Olkhovsky, All-Russian Thermal Engineering Institute Ukraine: Dr. E. Udod, Ukrainian Energy Committee Group B "Central Europe" Chairman: N. Bernot, Slovenia Albania: G. Simaku, National Energy Agency Bulgaria: D. Bouchkov, NEK; S. Batov, Technical University Croatia: G. Granic, President; B. Jelavic, M. Klepo, D. Pesut, Energy Institute Hrvoje Pozar Czech Republic: P. Veselsky, M. Vrba, CEZ Estonia: Ülo Rudi, Estonian Energy Institute France: Chr. Carouge, Gaz de France; J. Horvilleur, EDF; J.-R. Frisch, WEC France Germany: H. Holfeld, Siemens; W. Strassburg, RWE Greece: Chr. Sinanis, Technical Chamber of Commerce Hungary: T. Jaszay, Technical University; L.Lengyel, WESTLB Latvia: V. Zebergs, N. Zeltinsh, Academy of Sciences Lithuania: J. Vilemas, Lithuanian Energy Institute Macedonia: P. Pop-Jordanov, Academy of Sciences and Arts Poland: R. Gilecki, Energy Market Agency Romania: C. Tantareanu, ICEMENERG; Gh. Indre, CONEL Slovakia: St. Fecko, Technical University; D. Slamka, Slovenske Elektrarne Slovenia: N. Bernot, N. Zupanc, WEC Slovenia Switzerland: R. Gerosa, COLENCO USA: R. Cherenson, USEA Participants of the Expert Meeting on Coal Industry Restructuring in CEE/CIS held in Katowice, Poland, on 13 and 14 January 2000 M. Tot and M. Zeljko (WEC Croatia); K. Remenyi (WEC Hungary); N. Zeltinsh (WEC Latvia); E. Ciszak, Z. Smolec and J. Solinski (WEC Poland); A. Dragoescu, V. Pirvulescu and M. Slevoaca (WEC Romania); V. Grebenshchikov (WEC Russia); F. Boroska and D. Slamka (WEC Slovakia); M. Medved (WEC Slovenia); K. Brendow (Programme Director) Project Director: K. Brendow, Geneva WEC London Office: J. Murray, Deputy Secretary General ii RESTRUCTURING AND PRIVATIZING THE COAL INDUSTRIES IN CENTRAL AND EASTERN EUROPE AND THE CIS LA RESTRUCTURATION ET LA PRIVATIZATION DE L’INDUSTRIE CHARBONNIÈRE EN EUROPE CENTRALE ET ORIENTALE ET DANS LA CEI iii iv PREFACE THE ISSUES Reforming the coal industries in the economies in transition in Europe proved the most difficult task of the entire economic reforms, not least because of the heavy legacy of the past and the social and regional implications of market-oriented reforms. Yet, it had to be done to secure a balanced, environmentally sound and economically viable energy future for the region. Since 1989 or so, when coal industry reforms began in central and eastern Europe (CEE) and the Commonwealth of Independent States (CIS), progress has been made. But what progress? Where and under what circumstances? Why did some approaches work and others fail? What road had been covered by 1999? How did energy reform affect coal What are the prospects for the compared to gas, oil and electricity? How did the coal competitive hard core of the industry evolve in terms of productivity, profitability, CEE/CIS coal industries to emerge environmental acceptance and appeal to investors? more forcefully, and for coal to What is now its relevance as an exporter, importer, become (again) a competitive industrial partner for power generators or steel makers? regional player in a growing What is its record in terms of partnerships with foreign European and world energy coal or power companies or investors? What are the market? prospects for the competitive hard core of the CEE/CIS coal industries to emerge more forcefully and for coal to become (again) a competitive regional player in a growing European energy market? THE APPROACH These were the questions that the two Working Groups B "Central Europe" and A "CIS" and of the WEC East-West European Energy Programme decided to explore in a joint study. At meetings in Vienna and Cracow in April and September 1999 respectively, a common outline and working procedure were agreed upon, followed in January 2000, in Katowice, by a meeting of experts to review regional and national inputs. Guidance was provided by WEC's Programme and Studies Committees. By April 2000, the present study was completed. Responsibility for the various country reports lie with the respective authors. THE SCOPE The issues of restructuring and privatizing the coal industries are not exclusively or even primarily economic, but strongly intertwined with policies, be they macro-economic, budgetary, social, regional, environmental, security-of-supply or other. These volatile policies are subject to great short-term and long-term uncertainties, be they national, regional or global: speculations about the implications of rising gas prices in Europe or of a phase-out of nuclear power in Western Europe on CEE/CIS coal production are cases in point. THE SUBJECT The term "restructuring" is meant in its broadest sense of policies and measures that aim to render the coal industries competitive and profitable and to raise their efficiency and environmental record to good international levels. The study is, thus, not confined to ownership change and deregulation but includes productivity and profitability under enhanced environmental constraint. v The term "privatization" covers both, "mass" or voucher privatization and equity privatisation, despite the very different implications of these two approaches. "Coal" covers hard coal (including sub-bituminous coal), brown coal and lignite. For their respective physical/chemical properties in the countries of the region, consult WEC's Survey of Energy Resources, 1998. Estonian shale has been included for the sake of covering solid fuel mining in the region as fully as possible. THE STRUCTURE The study attempts to capture the complexities of coal industry reforms for the region as a whole in Part I. The macro-economic and general energy policy context for coal reforms is described in chapters 1 and 2. Coal industry restructuring policies are analysed in chapter 3. Chapters 4 to 6 contrast policies with industry realities and responses, while chapter 7 highlights the international implications of national action. Chapter 8 ventures a medium- and long-term outlook and, chapter 9 draws business-relevant conclusions. Part II provides in-depth country profiles. THE MESSAGES The first message of the Study – its result – appears encouraging: much, and in some cases, most of the road to a self-sustaining, albeit streamlined, coal industry has been covered and the conceptual, legislative and institutional framework for further progress has been laid. In a growing number of countries, the viable hard core of the industry, in local and national terms, was clearly emerging as the 20th century drew to its end. Those other countries that have not gone as far as they may have wished might find encouragement in noting the benefits of striving for market-oriented competition in terms of diversified energy supplies, environmental protection, regional revival and ... profitability. The second message is that of an extremely effective cooperation between WEC Member Committees. This testifies to WEC’s capability to mobilise a body of professional expertise able to address, in a short time, a rather complex and sensitive issue. It is therefore with pleasure that I, as Project Director, thank Mr. N. Bernot, Chairman of Working Group B "Central Europe" and Mr. E. Udod, Acting Chairman of Working Group A "CIS", for their support and guidance, and the numerous national experts for their comments and country profiles. Geneva, April 2000 vi EXECUTIVE SUMMARY "The worst is over." Already at present, about 95% of brown coal/lignite and 75% of hard coal production in Central and Eastern Europe (CEE) and the Commonwealth of Independent States (CIS) is "viable" locally or at the national level, while not being profitable in international terms. The restructuring approach of "unbundling profitable
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