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• PGE generated PLN 9.6 billion in revenue from sales in the first quarter of 2019, up by 34% from the same period last year.

• The Group produced 15.6 TWh of electricity and sold 20.9 PJ of heat in Q1 2019.

• PGE’s wind output increased by 45% due to weather conditions.

• In this year’s first quarter, PGE posted solid EBITDA of PLN 1.9 billion and PLN 0.6 billion in net profit.

• Investment expenditures in the reporting period grew by 18% y/y to PLN 1 billion. The Group’s flagship investment, i.e. construction of units 5 and 6 at the Opole power plant, is being finalised.

• PGE is aiming to be the leader of Poland’s energy transformation. The Group’s key development projects targeting a reduction in emissions include investments in new gas-based units, offshore and onshore wind farms, photovoltaics, energy storage and electromobility.

• PGE Group is continuing a trend of very good operating results. In 2018, it produced a record volume of electricity (65.9 TWh, up by 16% y/y) and sold a record volume of heat (49.7 PJ, up by 100% y/y), which is the effect of consolidating the assets held by PGE Energia Ciepła.
• PGE is also recording systematic growth in retail electricity sales, which in 2018 reached 42.57 TWh (up by 5%), and in distribution (36.4 TWh, up by 3%).
• In 2018, the Group posted solid EBITDA of more than PLN 6.4 billion, with PLN 1.5 billion in net profit. EBITDA adjusted for one-off items reached PLN 6.7 billion, up by 3% y/y.
• The Group is continuing its process of transformation towards low emissions. By 2025, thanks to investments in new generating capacities based on gas fuel and renewable energy sources, it intends to reduce the net emission factor from 0.88 t/MWh to 0.78 t/MWh.
• In 2018, PGE increased expenditures in the distribution area by 8% to PLN 1.85 billion, which translates into greater energy supply security.
• The Group is successively developing in the electromobility area. In March this year, it launched the first commercial EV carsharing service, while PGE Nowa Energia’s charging stations are already available in seven Polish cities.
• Fitch Ratings has affirmed PGE’s long-term rating at BBB+, with stable outlook. Moody’s rating is also at investment grade: Baa1 with stable outlook.  

13 potential partners have responded to PGE Group’s invitation, sent out in December, to participate in a project to build wind farms in the Baltic Sea. PGE intends to eventually sell a 50% stake in two special purpose vehicles responsible for the offshore project to a strategic partner of its choosing and to subsequently develop the project as a joint venture.

• PGE is launching a search for a strategic partner to prepare, build and operate wind farms in the Baltic Sea with total capacity of up to 2545 MW as the first stage of PGE Group’s offshore programme.
• PGE intends to eventually sell up to a 50% stake in two special purpose vehicles that are preparing the offshore projects, continuing to operate them with the partner on a joint venture basis.
• The first electricity from these offshore assets will be delivered in 2025 and the first investment will enter the commercial operation phase the following year. The first stage of PGE’s offshore programme will supply electricity to as many as four million households.

• The Group is maintaining a trend of good operating results, reporting PLN 5.1 billion in EBITDA and PLN 1.7 billion in net profit after the first three quarters of 2018. With EBITDA margin at 27% PGE Group remains one of the most profitable energy groups in Europe.
• Consolidating PGE Energia Ciepła’s assets contributed to good operating results – electricity output reached 49.1 TWh (up by 18% y/y), retail electricity sales reached 31.5 TWh (up by 6% y/y), while heat sales reached 32.4 PJ (up by 171% y/y).
• The Group continues integrating assets acquired from EDF and is consistently implementing its District Heating Strategy, announced in December 2017, with plans to build new cogeneration sources and heating sources at existing locations. The total capacity of the smaller gas-fired units analysed will reach up to 300 MW.
• As part of a shift towards a low-emission profile, PGE will avoid 60 million tonnes of CO2 emissions in 2016-2026.
• The Group is successively developing in the electromobility area, with plans to have 50 charging stations throughout Poland by the end of this year and up to 1500 stations by 2022, depending on the level of funding from the Low-Emission Transport Fund.
• PGE has secured attractive financing for its investment plan. The total amount of the four-year revolving credit facility, granted by a consortium of four banks, is PLN 4.1 billion.
• Moody’s has maintained a high investment-grade rating for PGE at Baa1 with stable outlook. Fitch’s rating is also at investment grade: BBB+ with stable outlook.