Meta Pixel script image

Identification of the need to create a provision in the consolidated financial statements of PGE Capital Group


17.10.2023 09:36

Art. 17 sect. 1 of MAR – inside information.

Contents of the report

The Management Board of PGE Polska Grupa Energetyczna S.A. (the “Company”, “PGE”) discloses that on October 17, 2023 it was informed by the subsidiary – PGE Obrót S.A. – about identification of the need to create a provision in connection with the implementation of the Regulation of the Minister for Climate and Environment of September 9, 2023 amending the regulation on shaping and calculation of tariffs and methods of settlement in trading in electricity (the “Regulation”). The Regulation introduces the mechanism enabling reduction of households' liabilities towards electricity trading companies in settlements for the year 2023. On the basis of the Regulation the amount of the payments for the purchase of electricity in 2023 by the customer from G11 tariff group, that uses electricity for household needs and who fulfils one of the requirements specified in the Regulation, is to be reduced by PLN 125.34.

PGE Obrót S.A. has identified the need to create a provision in amount of PLN 291 million in the financial statements for the period ended September 30, 2023 what will translate into decrease of the PGE Capital Group’s EBITDA in the same amount. The provision was estimated based on the number of customers fulfilling at least one of the conditions set out in the Regulation as of September 30, 2023. The final value of the provision will be presented in the consolidated quarterly report for the third quarter of 2023 which will be published by PGE on November 21, 2023. The above estimates reflect the Company’s knowledge about the legal status as at the date of publication of this report.

Final impact of the Regulation on the consolidated financial results of the PGE Group for year 2023 will depend on the ultimate number of customers subject to the mechanism enabling reduction of households' liabilities towards PGE Obrót and on the potential amendments in the legal provisions.

Signatures of persons representing the company

Date Name Position and function
2023-10-17 Lechosław Rojewski Vice-President of the Management Board
2023-10-17 Przemysław Kołodziejak Vice-President of the Management Board