Corporate

  • 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.
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PGE Energia Odnawialna a company of the PGE Capital Group has signed a letter of intent with Grupa Azoty Kopalnie and Zakłady Chemiczne Siarki „Siarkopol” on the construction of a photovoltaic farm. The project with the installed capacity of 5 MW and the annual production of 4.97 GWh, most likely to be implemented outside the auction system, will be constructed on ten hectares of post-mining land of Grupa Azoty Siarkopol in Osiek, in Świętokrzyskie Voivodeship.

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The construction of new units 5 and 6 with a combined capacity of 1800 MW in the Opole Power Plant performed by GE Power, the consortium leader, is coming to an end. After the successful synchronization of unit No. 5 with the National Power System (KSE) in January 2019, the second new unit, i.e. unit No. 6 has been successfully synchronized with the grid today. In practice this indicates the start of production of electricity in accordance with stricter environmental requirements resulting from the BAT Conclusions.

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  • The PGE Group has issued bonds with a total value of PLN 1.4 billion
  • This is the first Poland's issue of bonds with 10-year investment horizon issued by an industrial enterprise
  • Double oversubscription confirms positive prospects for the company's development
  • According to Fitch Ratings, the issue represents a very low risk compared with other issues in Poland
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PGE Nowa Energia, belonging to the PGE Group, informed about taking 51.47 percent of shares in 4Mobility, the third player on the Polish market of carsharing. In the long term this transaction will enable PGE to develop its minute car rental offer based on electric cars.

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PGE Polska Grupa Energetyczna has signed an agreement with the Energy Conversion and Renewable Sources PAS Research Center (KEZO) belonging to the Institute of Fluid-Flow Machinery of the Polish Academy of Sciences. The aim of the signed agreement is the cooperation for the development of innovative, low carbon technologies that will support the transformation of the Polish energy sector. The KEZO Research Center in Jabłonna is currently the most modern research unit of this type in Poland and one of the most modern in Europe.

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  • 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.  
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Fitch Ratings has published the latest long-term rating for PGE Polska Grupa Energetyczna at "BBB+". The rating outlook is stable. The latest outlook was published on 15 February 2019.

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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.

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After the first synchronization of unit No. 5 in the Opole Power Plant with the National Power System (KSE), which took place on 15 January at 14:09, the unit has successfully passed the first phase of the optimization of operating parameters. On 24 January the unit was operating at 680 MW for the first time.

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Works at the construction of units 5 and 6 with a combined capacity of 1800 MW in the Opole Power Plant enter the final phase of implementation. After a successful pressure test of the boiler and its start-up run in November 2018, on 15 January 2019, at 14:09 unit No. 5 had been for the first time synchronized with the National Power System (KSE). Thereby the process of carrying out adjustment operation of process systems and their optimization as well as electricity production has begun. 

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  • Six cogeneration plants in Bydgoszcz, Rzeszów, Gorzów Wielkopolski, Lublin, Zgierz and Kielce, formerly being part of PGE Górnictwo i Energetyka Konwencjonalna, have been integrated into the structures of PGE Energia Ciepła.
  • Consolidation of district heating assets is an element of a District Heating Strategy announced in December 2017 and consistently implemented by PGE. It involves the separation of a district heating business line, intended to use the potential of the growth of the district heating market and dynamise the fight for clean air in Polish cities.
  • The operator integrating the district heating activities in the PGE Group and the leader in this process is PGE Energia Ciepła, after the consolidation having approximately 25-percent share in the national production of heat in cogeneration process.
  • After the completion of the consolidation process of district heating assets, a Poland's largest operator of this sector has been created, which through the economies of scale will be able to operate on the market in an optimized and competitive manner.
  • The largest company on the heat market in Poland from January 2019 has fourteen cogeneration plants in the biggest cities, including Tricity, Wrocław and Kraków, with the total installed thermal capacity of 7.7 GW and 4.1 GW of the installed electrical capacity.
  • PGE Energia Ciepła plans to increase its district heating potential and its participation in the management of district heating networks and to build 1000 MW of new cogeneration capacities by 2030. In accordance with the District Heating Strategy of the PGE Group, the share of low carbon fuels in the energy produced by PGE Energia Ciepła should exceed 50 percent by 2030.
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