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Validation of the verdict of the Court of Competition and Consumer Protection regarding the settlement of value of annual adjustment of the stranded costs (so-called LTC compensations) for 2009 for Turów Power Plant

  • No. of the report: 90/2013
  • Report date: 19.09.2013
  • 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. discloses that it was notified of validation of the verdict of the Court of Competition and Consumer Protection regarding the settlement of value of annual adjustment of the stranded costs (so-called LTC compensations) for 2009 for PGE GiEK S.A. Branch Elektrownia Turów (“Turów Power Plant”).

The final and legally binding verdict changes the appealed decision of the President of the Energy Regulatory Office (the “ERO President”) and determines the value of annual adjustment of the stranded costs for 2009 for Turów Power Plant at PLN 0 (PLN zero). Value of the adjustment in the appealed decision of the ERO President was approximately PLN (-) 223.5 million.

The total claim value of disputes concerning LTC compensations for 2009 due to generators from the PGE Capital Group, calculated as a difference between the amount of annual adjustment calculated by the companies and the amount settled by the ERO President in decisions, amounts to PLN 672.9 million. The final and legally binding verdicts, favourable for PGE, have been issued so far in 3 cases for the total claim value amounting to approximately PLN 308.7 million (including the above verdict).

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).
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