The Group’s series of good operating results continued in the first half of 2018 with solid EBITDA of over PLN 3.7 billion (up by 7% y/y) and PLN 1.3 billion in net profit
The Group is continuing to integrate the assets held by PGE Energia Ciepła and is consistently implementing its District Heating Strategy, announced in December 2017, concluding additional cooperation agreements with local authorities intended to combat smog
Consolidation of the assets purchased from EDF contributed to the good operating results, with electricity output reaching 32.9 TWh (up by 18% y/y), retail electricity sales of 20.7 TWh (up by 5% y/y) and sales of heat at 29.0 PJ (up by 174% y/y)
The acquisition of new assets also had an overall contribution of PLN 579 million in recurring EBITDA
The Group increased its hard coal-based output by 97%, gas-based output by 53% and pumped-storage output by 11%. Wind farm output fell by 15% due to adverse weather conditions
PGE Group reinforced its top position on the Polish power market and became the largest supplier of district heating.
The Group’s total electricity output reached 57 TWh, up by 6% from 2016, with gas-fired generation up by 23%. PGE Group’s assets also produced approx. 25 million GJ of heat.
The Group is continuing to post good financial results, generating PLN 3.5 billion in net profit and over PLN 7.6 billion in EBITDA, up by 4% from 2016.
Investment expenditures reached PLN 6.8 billion in 2017. New units in Opole are about 90% complete and the new unit in Turów is at approx. 50%.
PGE Group is analysing the construction of three gas-fired units with total capacity of 1500 MW.
A 1000 MW offshore wind farm project may be built half way through the next decade.
Expenditures on adaptation to EU environmental standards, i.e. BAT conclusions, for the entire PGE Group, including new assets, are expected to reach approx. PLN 1.9 billion. This is less than had been expected.