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Execution of the material agreement

  • No. of the report: 3/2011
  • Report date: 14.01.2011
  • Report legal ground: Art. 56 section 1 p. 2 of Act on Public Offering – current and periodic information

Contents of the report

The Management Board of PGE Polska Grupa Energetyczna S.A. (the “Company”, “PGE”) informs that the subsidiaries of PGE, during the period from January 14, 2010 till January 13, 2011, concluded a number of agreements with PSE Operator S.A., that meet the criteria of a material agreement. The aggregate value of the mentioned agreements amounts to approximately PLN 7.2 billion. The agreements are considered as material, because their aggregate value is greater than 10% of the PGE’s equity.

The agreement with the largest value is the one concluded on January 13, 2011 between PGE Dystrybucja S.A. and PSE Operator S.A. The main subject matter of the agreement is the provision of the services of electricity transmission, understood as transport of electricity through the transmission grid, provided by PSE Operator S.A. to PGE Dystrybucja S.A. The agreement was concluded for indefinite period and its total value for 5-year period is estimated at PLN 6.1 billion.

Legal ground: § 9 in connection with § 5 section 1 point 3 of the Regulation of the Minister of Finance dated February 19, 2009 on current and periodic information published by issuers of securities and on conditions under which such information may be recognized as being equivalent to information required by the regulations of law of a state which is not a member state. (Dziennik Ustaw of 2009, No. 33, item 259, as amended).