Corporate

The European Investment Bank (EIB) approved the in-principle financing of the Baltica OWF project to be implemented by the PGE Group. The total financing package amounts to EUR 1.4 billion. This is a significant step towards ensuring an optimal financing structure that will enable the construction of PGE's first offshore wind farms in the Baltic Sea.

PGE's unique on a European scale energy storage project in Żarnowiec with a capacity of no less than 200 MW has obtained the first license promise in Poland for electricity storage in a large-scale electrochemical energy storage facility. The promise was issued by the President of the Energy Regulatory Office.

PGE has for quite some time been calling for the reform of  EU’s Emissions Trading System (EU ETS). The most recent price swings and allowance shortages demonstrate that the EU ETS is no longer motivating energy producers to invest in renewable energy sources. The president of PGE’s management board, Wojciech Dąbrowski, presented the conclusions from a report prepared by Compass Lexecon, which identifies specific problems with the ETS market that lead to price volatility and a lack of market’s predictability.

PGE has signed a conditional agreement to purchase three onshore wind farms with total capacity of 84.2 MW. Conclusion of the transaction will result in 12 percent increase of PGE Group capacities in onshore technology that will amount to more than 770 MW. 

PGE Polska Grupa Energetyczna is planning to issue series E shares. If approved by an Extraordinary General Meeting, the issue may raise an estimated PLN 3.2 billion. The funds raised from investors would be deployed to capital-intensive investment projects in the area of distribution grid development, renewable energy sources and decarbonisation through the development of low-carbon sources.

To align with investor expectations, PGE Group participated in CDP’s international survey on climate protection and water management. This was also intended to define a starting point for the Group in these areas, being the foundation for a stronger push by PGE to limit its impact on the natural environment.

PGE Polska Grupa Energetyczna, Tauron Polska Energia and Enea are joining forces in the area of offshore wind energy. Poland's largest energy companies are planning to develop four offshore wind projects in the Baltic Sea, setting the pace for the country's energy transition. PGE Polska Grupa Energetyczna has signed conditional agreements with Tauron Polska Energia and Enea for the sale of shares in four project companies whose task will be to obtain location permits for the construction of offshore farms in the Polish Exclusive Economic Zone in the Baltic Sea.   

Representatives of PGE, PGE Baltica and the City of Ustka have signed a letter of intent regarding the possibility of establishing service infrastructure at the Sea Port in Ustka for planned offshore wind farms.

In today;s debate organised by the Brussels portal Euractiv, "The new EU ETS: what should be changed?",  PGE called for mitigating the additional costs of the energy transition by introducing appropriate amendments  in the Commission proposal to reform the EU Emissions Trading Scheme (EU ETS). The webinar attended by representatives of the European Commission, MEPs, market analysts and leading think tanks, brought together over 400 participants.

During the first debate of the European industry and representatives of EU institutions since the publication of the “Fit for 55” package, PGE appealed to co-legislators for a more ambitious increase in the Modernisation Fund and continued support in the transitional period for gas investments that will facilitate the phase-out of coal in line with the technological neutrality principle.

Defining the challenges facing local governments, the need for cross-border cooperation and creating a new vision for the region and its inhabitants. The above are the main topics of the debate entitled "The shared future of mining regions located close to the border of PL-CZ-DE. Economy, Society, Environment”, which was organised on the 6th of July 2021 in Bogatynia at the initiative of PGE Polska Grupa Energetyczna.

PGE Polska Grupa Energetyczna has held information workshops for potential suppliers of products and services for its offshore wind farm development project in the Baltic Sea. The online event was attended by nearly 500 firms, including more than 400 Polish businesses.