The CCCP Court issued verdict which in part allowed the appeal of PGE GiEK S.A. and changed President of the Energy Regulatory Office decision regarding settlement of value of annual adjustment of LTC compensations for 2010 for PGE GiEK S.A. Branch Elektrownia Opole
No. of the report: 40/2014
Report date: 14.08.2014
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 on August 14, 2014 the District Court in Warsaw - Court of Competition and Consumer Protection (the "CCCP") issued verdict which in part allowed the appeal of PGE GiEK S.A. and changed the decision of the President of Energy Regulatory Office from July 2011 regarding the settlement value of annual adjustment of the stranded costs for 2010 for PGE GiEK S.A. Branch Elektrownia Opole.
The claim value in the PGE GiEK S.A. Branch Elektrownia Opole case, calculated as a difference between the amount of annual adjustment calculated by the company from PGE Capital Group and the amount settled by the ERO President in decision, amounted to approximately PLN 141.6 million. The CCCP Court judgement changed the President of the ERO decision as follows: value of annual adjustment of the stranded costs for 2010 for PGE GiEK S.A. Branch Elektrownia Opole plus interest was determined at approx. (-) PLN 49.6 mln.
The above judgement of August 14, 2014 is not final and binding and therefore will not affect reported revenues and profits of PGE after 6 months of 2014.
PGE is entitled to appeal against the verdict to the Court of Appeal.
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).