The Management Board of PGE Polska Grupa Energetyczna S.A. („PGE”, the „Company”) notifies about information obtained today from Company’s subsidiary PGE Górnictwo i Energetyka Konwencjonalna S.A. („PGE GiEK”) which received a proposal regarding changes of scheduled date of finalization of units 5 and 6 in Opole Power Plant, i.e. investment being realized by consortium including companies: Polimex-Mostostal S.A., Mostostal Warszawa S.A., Rafako S.A. (the „Consortium”) and GE Power acting as a general designer and Consortium leader managing the contract execution. The proposal submitted by Consortium involves change of the investment realization schedule (the „Schedule”), and shall result in postponing of the planned commissioning of unit 5 from July 31, 2018 to December 20, 2018 and in case of unit 6 from March 31, 2019 to July 31, 2019.
Proposal of changes to the Schedule submitted by the Consortium will be thoroughly analyzed for the methodic accuracy of assumptions taken, reasons for delay and planned methods of further management of the contract execution. The analysis aims to result in evaluation of correctness of estimates made by the Consortium regarding the delay of commissioning of units 5 and 6 and consequences of the postponing of aforementioned dates. The Management Board of PGE notifies that the agreement of construction of units 5 and 6 signed on February 15, 2012, contains, as a standard course of action, contractual penalty clause in specified cases. Parties to the agreement will analyze precise reasons for the delay also for possible penalty clauses.