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ERO President decision concerning annual adjustment of LTC compensations for 2013

  • No. of the report: 39/2014
  • Report date: 11.08.2014
  • 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 it has received information about decision of the President of the Energy Regulatory Office (the "ERO President") concerning the annual adjustment of the stranded costs for the year 2013, which is due to certain generators from PGE Capital Group according to the Act of June 29, 2007 on coverage of stranded costs resulting at generators in relation to accelerated termination of long-term contracts ("LTC Act").

According to the decision of ERO President annual adjustment of the stranded costs generated in PGE Górnictwo i Energetyka Konwencjonalna S.A. for the year 2013 amounts to app. PLN (+)438 million. PGE does not dispute this amount.

The above mentioned decision of the ERO President will not affect the reported revenues and profits of the PGE Capital Group in 2014.

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).