The Management Board of Polenergia S.A. (“Issuer”) hereby reports that on 15 May 2020, the Issuer’s subsidiaries, namely Polenergia Elektrociepłownia Nowa Sarzyna Sp. z o.o. (“Polenergia ENS”) and Polenergia Obrót S.A. (“Polenergia Obrót”) concluded an Agreement on Portfolio Management Services and Sale of Electric Energy, Gaseous Fuels and Emission Allowances (“SLA”). The SLA was concluded for an unlimited period of time.
Pursuant to the SLA, Polenergia Obrót will provide the following services to Polenergia ENS: (i) optimisation of electric energy generation in all generation units of Polenergia ENS; (ii) management of the process of sale of electric energy generated in generation units of Polenergia ENS; (iii) co-creation, together with Polenergia ENS, of an optimum position of Polenergia ENS on the balancing market of electric energy and gas; (iv) management of the portfolio and performance of commercial transactions within the scope of allowances for emission of CO2; (v) management of portfolio and performance of commercial transactions within the scope of gaseous fuels. The goal of cooperation between Polenergia ENS and Polenergia Obrót is to maximise the margin resulting from optimisation of electric energy generation in generation units of Polenergia ENS, accounting for the flexibility of generating units of Polenergia ENS and knowledge and experience delivered by Polenergia Obrót within the scope of managing the portfolio of generation assets.
The SLA contains market provisions applied in agreements of this type, including provisions pertaining to remuneration and termination of agreement.
The Issuer deems the SLA significant, as ensuring stable generation and sale of electric energy from natural gas in Polenergia ENS is a basis for further economically efficient operation of Polenergia ENS after termination of participation in the programme of compensation of stranded costs and costs of gas.
Legal basis: Art. 17.1 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).