PGE Polska Grupa Energetyczna

Last updated
PGE Polska Grupa Energetyczna Spółka Akcyjna
Company type state owned
ISIN PLPGER000010
Industry Electricity
Founded2 August 1990 (1990-08-02)
Headquarters
Warsaw
,
Poland
Key people
Wojciech Dąbrowski, CEO
ProductsElectrical power
Revenue$7.3 billion
351,300,000 Euro (2018)  OOjs UI icon edit-ltr-progressive.svg
Total assets $16.2 billion [1]
Total equity $5.2 billion
Number of employees
41,227
Website www.gkpge.pl/en/

PGE Polska Grupa Energetyczna S.A. (PGE SA or PGE Group, the name can be translated as Polish Energy Group) is a state-owned public power company and the largest power producing company in Poland. [2] PGE is listed on the Warsaw Stock Exchange and is a constituent of the WIG30 index.

Contents

The group is largely controlled by the Polish State Treasury who as of 9 July 2014 owns 58.39% of the public limited company. [3] In addition to the activities of its core businesses of central and holdings companies in the generation and distribution of electricity, the group also trades electricity and other relevant products on the market. The total company revenue for 2015 was 28.542 billion złoty and the company made a net income loss of 3.032 billion złoty. [4]

In October 2020, PGE Polska Grupa Energetyczna published a new strategy by 2030 with a perspective by 2050 and a transformation plan aimed at achieving climate neutrality of the Group in 2050. [5] [6] The key directions of the PGE Group's development will be offshore and onshore wind energy, photovoltaics, grid infrastructure, low-emission heating and energy services. The area of divestment and limitation of activity will include coal energy and hard coal trade. [7]

History

Dolna Odra Power Station PGE ZEDO 02.jpg
Dolna Odra Power Station
Branch of PGE in Tomaszow Mazowiecki (Lodz Voivodeship) Tomaszow Mazowiecki w wojewodztwie lodzkim, PL, EU. Tomaszowski oddzial Polskiej Grupy Energetycznej (PGE). CC0.jpg
Branch of PGE in Tomaszów Mazowiecki (Łódź Voivodeship)
PGE Green Facility delegation from Poland meeting European Investment Bank Vice President Lilyana Pavlova, EIB funded a PGE project named PGE Green Facility. PGE Green Facility delegation meets European Investment Bank Vice-President Pavlova.jpg
PGE Green Facility delegation from Poland meeting European Investment Bank Vice President Lilyana Pavlova, EIB funded a PGE project named PGE Green Facility.

The company was founded as Polskie Sieci Elektroenergetyczne S.A. (translates as Polish Electrical Power Lines Share Company) in 1990. In 2007 the Transmission System Operator division (PSE-Operator) was separated from the PSE S.A. group. On 9 May 2007 Polska Grupa Energetyczna was established by the merger of PSE, PGE Energia SA and BOT Górnictwo i Energetyka S.A. [8] On 6 November 2009 PGE participated in its IPO in Warsaw Stock Exchange. On 19 March 2010 PGE was included in WIG20 index.

In 2022 and 2023 it was reported that PGE was buying PKP Energetyka from CVC Capital Partners, [9] [10] CVC signed a preliminary agreement for the sale of PKP Energetyka in January 2023. [11] On April 3, 2023 PGE Polish Energy Group acquired from the CVC Fund 100% of shares in PKPE Holding sp. z o.o. thus closing the purchase transaction of PKP Energetyka S.A. [12] April 4, 2023 change of the company's name from PKP Energetyka to PGE Energetyka Kolejowa. [13]

Operations

The PGE Group operates two large lignite mines and more than 40 power stations, including the Bełchatów Power Station, the fifth-largest coal-fired power station in the world. Power stations are fuelled mainly by hard coal and lignite. The company consists of eight distribution system operator companies, eight electricity retail sales companies, an electricity wholesale company and enterprises operating in other industries (including the telecommunications). [8] PGE holds a 38% market share in generation of electricity and an estimated 30% market share in supply in electricity for the year 2015. [14] Projects of this company are, among possible other sources, funded by mBank (2020) [15]

Nuclear energy

On 15 January 2009, the company announced a plan to build two nuclear power stations in Poland. [16] [17] It also participated in the Visaginas Nuclear Power Plant project in Lithuania. [16] In 2010, PGE established a special purpose entity called PGE EJ 1 to build and operate Poland's first commercially operational nuclear power plant, which was taken over by the State Treasury in 2021 and renamed as Polskie Elektrownie Jądrowe.

As of 2018 the Polish government was still considering whether to continue pursuing nuclear power in Poland, including resume construction of the Żarnowiec Nuclear Power Plant, whose construction has been stalled since 1990, [18] but in May 2018 PGE decided to invest in offshore wind power instead. [19]

Sponsorship

Polska Grupa Energetyczna has held the naming rights for PGE Skra Bełchatów volleyball club since 1991.

The company bought the naming rights for the PGE Arena Gdańsk, a football stadium in Gdańsk, Poland, for 35 million złoty (about €8.5 million) for a duration of five years (2016–2021). The 2010 Speedway World Cup is named according to PGE. [20] PGE also holds the naming rights for the Stadion Narodowy in Warsaw since 2015.

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References

  1. ↑ "The List" . Retrieved 2017-09-24.
  2. ↑ Pawel Kozlowski; Katarzyna Klimasinska (2009-02-25). "Poland Can't Delay Asset Sales, Treasury's Grad Says". Bloomberg. Retrieved 2009-03-07.
  3. ↑ "PGE - PGE Polska Grupa Energetyczna SA". Stooq. 2016-07-08. Retrieved 2016-07-08.
  4. ↑ "PGE Polska Grupa Energetyczna SA, PGE:WSE financials - FT.com". markets.ft.com. Retrieved 2016-07-08.
  5. ↑ S.A, PGE Systemy. "Press center - Press releases - Corporate - PGE Group's strategy: climate neutrality in 2050". www.gkpge.pl. Retrieved 2020-11-22.
  6. ↑ "PGE deklaruje neutralność klimatyczną w 2050 r." Teraz-Środowisko (in Polish). Retrieved 2020-11-22.
  7. ↑ "Strategia Grupy PGE do 2030 roku z perspektywą do 2050 roku przyjęta - Serwis informacyjny". www.cire.pl. Retrieved 2020-11-22.
  8. 1 2 Tomasz Zadroga (2008-10-31). "Activities of the Polish Energy Group" (PDF). Baltic Rim Economies. Pan-European Institute. Archived from the original (PDF) on 2011-07-16. Retrieved 2009-03-07.
  9. ↑ "Poland close to buying PKP Energetyka from CVC Capital Partners -ruling party leader". Reuters. 12 October 2022.
  10. ↑ "State-owned Polish utility PGE to buy PKP Energetyka for $433 mln". Reuters. 2022-12-28. Retrieved 2023-05-09.
  11. ↑ https://www.cvc.com/news/2023/2023-01-03-cvc-has-signed-a-preliminary-agreement-for-the-sale-of-pkp-energetyka/
  12. ↑ S.A, PGE Systemy. "Zamknięcie transakcji nabycia 100% udziałów w PKPE Holding przez PGE Polską Grupę Energetyczną". www.gkpge.pl (in Polish). Retrieved 2023-05-12.
  13. ↑ S.A, PGE Systemy. "PGE Polska Grupa Energetyczna powiększyła się o segment energetyki kolejowej". www.gkpge.pl (in Polish). Retrieved 2023-05-12.
  14. ↑ "PGE Group Facts and Figures (2016)" (PDF). PGE Group. Archived from the original (PDF) on 2017-05-12. Retrieved 2016-07-08.
  15. ↑ "Source" . Retrieved 27 March 2020.
  16. 1 2 "Poland wants nuclear home and abroad". World Nuclear News. 2009-01-16. Archived from the original on 2011-11-30. Retrieved 2009-03-07.
  17. ↑ "Polska Grupa Energetyczna". bankier.pl. 2009-01-15. Archived from the original on 2011-10-06. Retrieved 2009-03-07.
  18. ↑ "Poland to decide later this year on building nuclear plant". Reuters. 29 January 2018. Retrieved 12 September 2018.
  19. ↑ "Poland's largest power group opts to back wind over nuclear". Power Engineering International. 11 May 2018. Archived from the original on 13 September 2018. Retrieved 12 September 2018.
  20. ↑ "Komunikat prasowy FIM" (in Polish). pzm.pl. 2010-07-14. Retrieved 2010-07-14.
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