The adjusted EBITDA in the discussed period was higher by PLN 22.4 million as compared to the analogous period of the previous year on account of higher result in the wind farm segment (by PLN 63.3 million), which is primarily a consequence of launch of production in the Dębsk and Kostomłoty farms.
The growth was partially compensated by lower results in the segment of trade and sale (by PLN 23.6 million), the segment of gas and clean fuels (by PLN 7.8 million) and in the segment of distribution (by PLN 8.1 million).
Sales revenues of the Polenergia Group for the first quarter of 2023 were lower than last year’s by PLN 1,008.6 million, which was mainly caused by lower revenues in the trade and sale segment (by PLN 1,081.7 million), partially compensated by higher revenues in the wind farm segment (by PLN 72.0 million).
Smooth Performance of Strategy
In the first quarter of 2023, Polenergia worked on three on-shore wind farm projects with a total capacity of 178 MW, which received support as part of the RES auction system. The Dębsk Wind Farm project with a capacity of 121 MW received a permit to generate green energy in January 2023.
Development work is continued in relation to the construction of three off-shore wind farms on the Baltic Sea with a total capacity up to 3 GW, together with Norwegian Equinor. In February 2023, MFW Bałtyk II and MFW Bałtyk III signed annexes to the agreement on preferred supplier of wind farm turbines for the performed projects with Siemens Gamesa Renewable Energy.
Initial geo-physical and geo-technical studies were started in the area of the off-shore wind farm and underwater cable corridors.
Implementation of the Strategy of Polenergia Group for 2020-2024 runs smoothly. We are developing wind and photovoltaic energy projects, make progress in off-shore wind energy and invest in green hydrogen. On the one hand, we are liable for assessing our actions from business perspective, and on the other, we are aware that energy transformation in which we participate is a mission of great importance. Its objective is to secure our joint future.
This is of significance in the context of the war in Ukraine and in the situation on the energy market. Lack of acceptance for high energy prices led to the introduction of an act that froze the prices for recipients, introduced price caps for generators and revenue caps for trade companies. In a short- and mid-term perspective, these regulatory actions exert a negative impact on the amount of profits earned by the Company.
Offer for Individual Customers
In the first quarter of 2023, Polenergia Fotowoltaika – as part of its operating activities – installed 14.9 photovoltaic panels, along with 81 devices in the segment of heat pumps. Sale of services in the corporate sector was continued (large installations with a capacity exceeding 50 kW). Development work on new products is under way, both performed independently by the Company, and in cooperation with Polenergia Sprzedaż.
Polenergia Dystrybucja is implementing IV investment plan for years 2021-2026 with a total value of PLN 105 million. By the end of the first quarter of 2023, the Company signed 71 connection agreements, and the total level of expenses resulting from the incurred liabilities was PLN 96.4 million, which is 91.8% of IV investment portfolio.
Already today, the Polenergia Group offers access to green energy from wind farms and photovoltaic farms to its clients. In the next months and years, we want to go a step further, especially with respect to individual recipients. We not only want to offer the possibility of assembly of a photovoltaic or heating installation for own needs, but also launch numerous vehicle charging stations, which guarantee completely emission-free transportation thanks to green energy.
Polenergia eMobility is working on this: the company started to sell charging services at its own stations. In 2023, three locations were commissioned and more are under construction. The Company continues development of system functionalities and customer application and sources new locations for public stations. In 2023, Polenergia eMobility submitted an application in one programme related to the co-financing of charging stations by the National Fund for Environmental Protection and Water Management.
Increase in Share Capital
On 3 April 2023, the Extraordinary Shareholders’ Meeting adopted a resolution on increase in the Company’s share capital via issue of new shares with a pre-emptive right. The Company is planning to obtain receipts ranging from PLN 500 to 750 million from the issue. The final value of the expected proceeds from the Issue and the number of the Company’s new shares related to it that will be issued is going to be specified by the Management Board in the prospectus or in an announcement published after the date of its approval, observing the Company’s actual demand for capital.
The purpose of the issue is to source funds for the financing of investment projects and development plans of the Company, including with respect to wind farms (off-shore and on-shore), photovoltaic farms and projects in the area of hydrogen technologies, energy storage and electro-mobility.
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