In the first six months of 2023, the Group’s adjusted EBITDA was PLN 97.5 million higher than the result in the same period last year. Net profit recorded an increase of PLN 50.8 million over the result in the first six months of 2022. This was most influenced by the higher result of the wind farm segment (by PLN 66.9 million), which is mainly a consequence of the start of operation of the Debsk and Kostomloty wind farms.
Polenergia is growing at an extremely dynamic pace. With each passing year, we commission new wind farms and photovoltaic farms and produce more and more green energy. Along with it, the role of our Group in the ongoing energy transition is also growing. This is important news also for our customers, who today face enormous challenges in decarbonization.
Higher adjusted EBITDA compared to the same period of the last year was also recorded in the trading and sales segment (by PLN 42.8 million), which is mainly a consequence of higher results on energy trading from RES assets, RES aggregation and wind farm certificate trading. The result was partially offset by lower results in the distribution segment (by PLN 6.5 million), the unallocated segment (by PLN 4.5 million) and photovoltaics (by PLN 1.2 million).
Polenergia Group’s sales revenues in the first half of 2023 were lower by PLN 974.9 million, mainly due to lower revenues in the trading and sales segment (by PLN 1,113.8 million), offset in part by higher revenues in the onshore wind farm (by PLN 83.3 million), gas and clean fuels (by PLN 34.9 million) and distribution (by PLN 15.9 million) segments.
Results for the second quarter of 2023
In the second quarter of 2023, the Group recorded a PLN 33.8 million increase in sales revenue compared to the same period in 2022. This was mainly due to higher revenues in the gas and clean fuels segment (by PLN 45.5 million) and onshore wind farms (by PLN 11.2 million), offset in part by lower revenues in the trading and sales segment (by PLN 32.2 million). Adjusted EBITDA in the second quarter of 2023 amounted to PLN 107.6 million, up by PLN 75.2 million compared to the result in the same period of 2022.
This was mainly due to higher results in the trading and sales segment (by PLN 66.5 million) primarily as a result of higher results on: energy trading from RES assets, energy sales, RES aggregation, electricity trading and business services, and other activities including mainly sales of photovoltaic panels and heat pumps, and in the gas and clean fuels segment (by PLN 7.8 million) due to higher results on optimization of the operation of the Nowa Sarzyna CHP Plant and higher margin on heat sales.
New RES projects
In the first half of 2023, the Group carried out work to develop more wind farm and photovoltaic projects. The Wind Farm Dębsk project, with a capacity of 121 MW, received a license to produce green energy in January this year. The Wind Farm Piekło project with a capacity of 13.2 MW was granted an Operating Permit in May 2023 and a license in August 2023. The 44 MW Wind Farm Grabowo project was granted an Operating Permit in July 2023. The Photovoltaic Farm Strzelino project with a capacity of 45.2 MW is at an advanced stage of construction. Construction and installation works are proceeding according to schedule. They are scheduled to be completed in December, and the license is expected to be obtained in the first quarter of 2024.
The Group is also continuing development work in the offshore wind farm segment, preparing for its strategic investment – the construction of three offshore wind farm projects Baltic I, II and III with a total capacity of up to 3,000 MW located in the Baltic Sea. Polenergia is implementing them in cooperation with Norway’s Equinor. In April 2023, OWF Baltic II and OWF Baltic III entered into agreements with SIF Netherlands B.V. for the selection of a preferred supplier and the reservation of production capacity for the production of monopiles, which serve as foundations for wind turbines for each project.
Hydrogen program development
Polenergia is also actively developing a hydrogen program to extend the Group’s current value chain by using electricity to produce renewable hydrogen. It will be produced by electrolysis of water using electricity produced from renewable energy sources. Implementation of the program includes the development of new business models and the construction of hydrogen generation units. As part of the program, the Group is preparing three projects for final investment decisions: H2Silesia, H2HUB Nowa Sarzyna and eFuels. Investment decisions depend on securing an appropriate commercial structure, financing and corporate approvals.
Hydrogen projects are a very important part of Polenergia's strategy. As part of it, we are developing, among other things, the concept of building a 105MW large-scale green hydrogen plant in Upper Silesia or a 5MW installation, along with two vehicle refueling stations, in Podkarpacie. The potential of green hydrogen is enormous, which is why the Group is working every day on the possibilities of using it as a zero-emission fuel, an energy carrier or an important raw material for industry.
The H2Silesia project involves the construction of a 105 MW renewable hydrogen production facility for heavy industry and zero-emission transportation, located in Upper Silesia. The planned plant will be able to produce about 13,000 tons of hydrogen per year. The H2HUB Nowa Sarzyna project involves the construction of a pilot renewable hydrogen production facility with a nominal capacity of about 5 MW, which will allow a maximum production of about 500 tons per year. The installation will be located in Nowa Sarzyna on the premises of the Nowa Sarzyna Combined Heat and Power Plant.
As part of Polenergia’s long-term business development, a project called eFuels is also underway to prepare the Group to participate in the hydrogen economy not only in the production of renewable hydrogen, but also in its processing into derivative products. The project aims to use renewable hydrogen to produce methanol and renewable jet fuel. The fuel created as a result of the project will reduce greenhouse gas emissions in air transportation, without the need to build new infrastructure, fuel bases and develop new aircraft designs.
On June 7, 2023, Polenergia’s subsidiary H2HUB Nowa Sarzyna entered into an agreement with the Norwegian company Hystar AS for the supply and commissioning of a 5 MW electrolyser and its long-term maintenance agreement. On the same day, a cooperation agreement was concluded with the International Finance Corporation (“IFC”), a member of the World Bank Group, to finance the development costs of the H2HUB Nowa Sarzyna Project, which includes a hydrogen plant with two refueling stations and associated infrastructure.
In addition, on June 27, 2023, an agreement was signed with the National Fund for Environmental Protection and Water Management (NFEPWM) to subsidize the project for the construction of two hydrogen refuelling stations with accompanying infrastructure, in two locations: in the area bordering the Nowa Sarzyna CHP Plant and in Rzeszów. The total amount of grant funding awarded will be up to PLN 20 million.
Companies’ activities
Polenergia Sprzedaż continues to sell energy generated from group renewable sources. Recipients are business and individual customers (B2B and B2C). Green energy produced at the Group’s generating assets is sold under the Energy 2051 standard. Within the framework of intra-group cooperation, products combining installation of photovoltaic panels, heat pumps, energy storage and supply of green energy were prepared, implemented and offered.
Polenergia Fotowoltaika installed 25.8 MW of photovoltaic panels and 251 units of these devices in the heat pump segment as part of its operations in the first half of 2023. Sales and installation of energy storage units also began. Sales of services in the corporate segment (large installations over 50 kW) was continued. Development of new products is also underway, both independently by the Company and in cooperation with Polenergia Sprzedaż.
Polenergia eMobility is actively acquiring locations for the construction of public charging stations throughout the country. It has already launched 24 stations with a total of 33 charging points. The company is developing dedicated software for the operation of charging stations, as well as for customer service, while continuing to develop the functionality of the system and the client application. In addition to investing in a network of public access stations, the company has prepared and launched a commercial electromobility offering including sales of charging stations, technical services and charging station management services.
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