Setting new commissioning dates of CCGT units in PGE Gryfino 2050 sp. z o.o.

With reference to the current reports no. 3/2020 of January 30, 2020 and no. 25/2023 of July 20, 2023, the Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”, the “Company”) discloses that on July 23, 2024 PGE Gryfino 2050 and the syndicate of General Electric Global Services GmbH (leader of syndicate), Polimex Mostostal S.A. and GE Vernova LLC (the “Contractor”) concluded before the mediator of the arbitration court at the Solicitor’s Office of the Republic of Poland a settlement regarding the realisation of the contract for construction of two CCGT units with a capacity of 683 MWe each in PGE Gryfino 2050 (the “Settlement”).

As a consequence of the Settlement, the commissioning date of unit no. 9 was set at August 15, 2024 and of unit no. 10 at September 30, 2024. There will be a 35-days joint grace period for both units for non-compliance with the mentioned commissioning dates that may be prolonged (by a relevant number of days) in the event of early commissioning of Unit no. 9. As part of the Settlement the Contractor has committed to pursue additional works and parties agreed that the Contractor's valorisation request does not merit consideration. The Management Board of the Company points out that the change of completion date of the contract does not cause a change of the Contractor's remuneration.

At the same time, the Management Board of PGE informs that operational milestones’ requirements have been met for both units, enabling revenues to be received from the Capacity Market.