The Management Board of the company operating under the business name of Polenergia S.A. (“Issuer” or “Company”), having performed an initial analysis of the impact of the Act on extraordinary measures aimed at capping the prices of electric energy and support for certain recipients in 2023 and executive provisions adopted on its basis (according to the legal status applicable on the date of publication of this report: “New Regulations”) on the Company and its capital group (“Issuer’s Group”), in the context of work on the draft budget of the Issuer’s Group for 2023, hereby reports on the estimated, expected impact of the New Regulations on the Issuer’s Group.
In line with the estimate valid as of the date of publication of this report, the Issuer expects that the New Regulations will have a significant negative impact on the financial results of the Issuer’s Group in 2023.
Given the above, the Issuer presents the estimated net impact of the New Regulations on the consolidated EBITDA result of the Issuer’s Group in 2023, understood as a difference between the hypothetical, estimated level of the consolidated EBITDA result which could have been accomplished by the Issuer’s Group if the New Regulations did not exist and the estimated level of this indicator taking the New Regulations into account.
The Issuer estimates the net impact of the New Regulations determined in this way on the consolidated EBITDA result of the Issuer’s Group in 2023 – in the scenario that the Issuer considers the most probable based on the evaluation valid as of the publication date of this report – at the amount of approximately minus PLN 180 million. These estimates are encumbered with risk and uncertainty, primarily resulting from: (a) regulatory uncertainty and potential changes in the legal status (in this respect, within the scope of interpretation and practice of applying the New Regulations); (b) market uncertainty, including the impact of the New Regulations on the wholesale market of electric energy and the level of transaction prices and the structure of supply and demand for electric energy related to it and the hourly changes in the prices of electric energy; (c) the impact of the New Regulations on the costs of profile related to the production of electric energy from the RES assets; (d) uncertainty within the scope of the assumptions adopted for the needs of assessing the level of write-off to the Price Difference Payment Fund; (e) actions of the contracting partners, including related to the impact that the New Regulations may have on their operation and (f) a number of business, commercial, organisational and technical factors in the Issuer’s Group, as well as factors independent from the Issuer’s Group (including the volume of energy generated in the RES installations of the Issuer’s Group, which is a derivative of the weather conditions). Given the above, the actual impact of the New Regulations on the consolidated EBITDA result of the Issuer’s Group for 2023 may differ from the estimate presented above.
Due to the fact that the Issuer is simultaneously expecting an increase in the Issuer’s Group generation capacity, the net impact of the New Regulations on the Issuer’s Group as a whole was estimated accounting for the expected growth of the generation capacity in the results of the analysis.
The Issuer does not provide forecasts of results pertaining to the future periods. The above numerical data do not constitute such forecasts. They are only an estimate of the net impact of the New Regulations prepared on the basis of multi-aspect internal analyses carried out during work on the draft budget of the Issuer’s Group for 2023. The final results of the Issuer’s Group may be affected by a number of regulatory, market, operating and random factors. Hence, the precise dimension of impact of the New Regulations is impossible to determine accurately and also depends on the factors that remain outside of the Issuer’s control. The Issuer will not update the information presented in this report, unless new confidential information has been identified within the meaning of Regulation of the European Parliament and Council (EU) No. 596/2014 on market abuse and repealing Directive 2003/6/EC of the European Parliament and Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Journal of Laws of the European Union L of 2014, No. 173, p. 1 as amended, the “MAR”).
Legal basis: Art. 17(1) of the MAR.
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