The CCCP Court in Warsaw issued a verdict which allowed the appeal of PGE GiEK S.A. Branch Elektrownia Opole and changed President of the Energy Regulatory Office decision regarding settlement of value of annual adjustment of the stranded costs for 2009 for Elektrownia Opole
No. of the report: 28/2013
Report date: 12.04.2013
Report legal ground: Art. 56 section 1 p. 1 of Act on Public Offering – confidential information
Contents of the report
The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”) discloses that on April 11, 2013 the District Court in Warsaw - Court of Competition and Consumer Protection (the "CCCP") allowed the appeal of PGE GiEK S.A. Branch Elektrownia Opole and changed the decision of the President of Energy Regulatory Office from July 30, 2010 regarding the settlement value of annual adjustment of the stranded costs for 2009 for PGE GiEK S.A. Branch Elektrownia Opole due as a result of the termination of long-term contracts for sale of capacity and electricity (so-called "LTC compensations").
The judgement is not final and binding. ERO President is entitled to appeal against the verdict to the Court of Appeal.
The claim value in Elektrownia Opole case amounts to approximately PLN 241.7 million. The total claim value of disputes concerning LTC compensations for 2009 due to generators from the PGE Capital Group, calculated as a difference between the amount of annual adjustment calculated by the companies and the amount settled by the ERO President in decisions, amounts to PLN 672.9 million.
CCCP verdict from April 11, 2013 is the fourth court verdict regarding annual adjustments of stranded costs for 2009. On June 4, 2012 CCCP issued favourable for PGE verdict regarding ZEDO (PGE’s current report no 26/2012 dated June 4, 2012), on June 19, 2012 CCCP issued favourable for PGE verdict regarding Elektrociepłownia Gorzów (PGE’s current report no 29/2012 dated June 20, 2012) and on March 18, 2013 CCCP issued favourable for PGE verdict regarding Elektrociepłownia Rzeszów (PGE’s current report no 22/2013 dated March 19, 2013).
Legal ground: Art. 56 section 1 point 1 of the Act on public offering, conditions governing the introduction of financial instruments to organised trading, and public companies (Dziennik Ustaw 2009 no 185, item 1439, as amended).