Polenergia is optimistic about the future

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After three quarters of 2020, Polenergia S.A., the largest Polish private, vertically integrated energy group, achieved nearly PLN 1.33 bn in sales revenues. Despite the ongoing COVID-19 pandemic, the Group maintained its results at a level similar to the results from the same period last year.

The nine months of 2020 were marked by the stabilization of Polenergia’s results. Due to the quality of the Group’s assets and the decisions taken to hedge the sale prices for generation assets, the COVID-19 pandemic has not had a significant impact on the financial results so far.

The distribution segment most exposed to direct impact of the epidemic shows stable results. The growing margin on electricity distribution compensates for the effect of the volume drop by 10% compared to the same period last year. In addition, the decline in the result in the gas and clean fuels segment related to the expiration of the support system was partially offset by a higher result in the wind farm segment and the trading and sales segment.

– What everyone needs now during the ongoing pandemic is stability and an optimistic outlook for the future. We managed to achieve such stabilization of results in this difficult year, which should be considered a success. However, we do not stop there and consistently implement Polenergia’s strategy, which already brings results and increases the value of the entire Group. For the first time in many years, we are building three wind farms simultaneously: in Szymankow, Debsk and Kostomloty, with a total capacity of 186 MW. Their implementation is fully financially secured. Investments are proceeding according to the schedule, without significant delays despite such a high risk related to the pandemic. We are optimistic about this year’s renewable energy auctions, for which we are preparing a portfolio of wind farm projects and solar farms with a total capacity of 40 MW – said Mr. Michal Michalski, president of Polenergia.

Analyzing this year’s results of Polenergia, it can be seen that an important factor that has an impact on the stabilization is the segment of onshore wind farms and the selling prices of green certificates and electricity. Gross production in this segment reached a record level of 561 GWh, with a productivity of 34%. The Group’s leaders are wind farms in Mycielin and Gawlowice, which account for approximately 45% of the entire segment’s production, with productivity of 44% and 39%, respectively.

The strategic project of Polenergia implemented in cooperation with Equinor is the construction of Poland’s first offshore wind farms in the Baltic Sea. Offshore projects under development have connection conditions with a total capacity of up to 3,000 MW. The deadline for the construction of the Baltic II OWF and Baltic III OWF depends on the entry into force of the relevant regulatory system. The government’s plenipotentiary for renewable energy sources announced that the entry into force of the act on support for offshore wind energy is planned this year.

Source: Polenergia