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.
The Group’s series of good operating results continued in the first half of 2018 with solid EBITDA of over PLN 3.7 billion (up by 7% y/y) and PLN 1.3 billion in net profit
The Group is continuing to integrate the assets held by PGE Energia Ciepła and is consistently implementing its District Heating Strategy, announced in December 2017, concluding additional cooperation agreements with local authorities intended to combat smog
Consolidation of the assets purchased from EDF contributed to the good operating results, with electricity output reaching 32.9 TWh (up by 18% y/y), retail electricity sales of 20.7 TWh (up by 5% y/y) and sales of heat at 29.0 PJ (up by 174% y/y)
The acquisition of new assets also had an overall contribution of PLN 579 million in recurring EBITDA
The Group increased its hard coal-based output by 97%, gas-based output by 53% and pumped-storage output by 11%. Wind farm output fell by 15% due to adverse weather conditions