Contents of the report
The Management Board of PGE Polska Grupa Energetyczna S.A. ("PGE") discloses that on November 10, 2016 the Supreme Court, as a result of examination of a cassation appeal by the President of the Energy Regulatory Office (the “ERO President”) against the verdict of the Court of Appeal of January 17, 2013, issued a verdict in case of the settlement of value of annual adjustment of the stranded costs (so-called LTC compensations) for 2009 for PGE GiEK S.A. Branch ZEDO.
In its verdict the Supreme Court set the amount of annual adjustment of LTC compensations for approximately PLN 50.8 million.
As a result of the above verdict, PGE GiEK will return approximately PLN 66.2 million to Zarządca Rozliczeń S.A. (company responsible for LTC settlements).
The verdict has no impact on the consolidated revenues of the current period.
The above verdict of the Supreme Court ends the dispute between PGE GiEK S.A. and the ERO President in that particular case.