Bloomberg Law
Oct. 18, 2018, 2:10 PM

Giant Pension Fund Says Polish Coal Power Plan Doesn’t Stack Up

Maciej Martewicz
Maciej Martewicz
Bloomberg News

A shareholder of companies building what’s being touted as Poland’s last coal plant said the project doesn’t work financially.

Legal & General Investment Management said the $1.6 billion station planned by Energa SA and Enea SA in the eastern Polish city of Ostroleka might not make a profit, according to Meryam Omi, head of sustainability and responsible investment strategy at the fund. The fund assumes carbon prices will rise and that the facility will need support from the government.

“This project doesn’t stack up,” Omi said. “It’s a really worrying case for us that doesn’t make financial sense—we are very ...