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18/05/2020 21:26

Current report 11/2020

The Management Board of Polenergia S.A. (“Issuer” or “Polenergia”) hereby reports that on 18 May 2020, the Supervisory Board approved the Strategy of Polenergia Group for 2020-2024 (“Strategy of Polenergia Group”) prepared by the Management Board of the Issuer. During the preparation of the Strategy of Polenergia Group, the current and expected situation in the electric energy sector was taken into account, the macro-economic, market and regulatory environment was evaluated, as well as assumptions were adopted within the scope of development directions of the sector in the perspective of the next five years.

The Strategy of Polenergia Group was prepared in a manner ensuring an optimum level of development for the Polenergia Group, with its simultaneous financial stability. Standing at the threshold of a huge transformation of the domestic market of energy, it is the ambition and the mission of Polenergia Group to support any efforts related to the process of Polish energy transformation and development of low-emission economy.

Major assumptions of the Strategy of Polenergia Group for 2020-2024 for key segments of operations include:
1.    Generation of energy from renewable energy sources:
a)    development in the segment of offshore and onshore wind farms and photovoltaics;
b)    construction of new onshore wind farms and photovoltaic projects;
c)    the decision on the mode of engagement of Polenergia Group in the construction of offshore wind farms will be made at a later stage;
d)    investments abroad in case of reallocation of funds from other projects or procurement of additional external funding.

2.    Gas and clean fuels:
a)    retaining a profitable position in the segment of gas co-generation;
b)    investments in dedicated co-generation sources based on gas for industrial recipients of steam;
c)    securing a future position with respect to the production of hydrogen and generation of energy from hydrogen based on energy from renewable sources by Polenergia Group.

3.    Turnover and sale:
a)    development of a platform integrating producers of energy from renewable sources with business customers;
b)    keeping the position of expert on the wholesale market in Poland and abroad;
c)    offering access services to market and management of position for the Group’s generation assets.

4.    Distribution:
a)    development of distribution activities, sale of energy and services with added value for end customers, relying on a strong growth trend of multi-family development in Poland.

5.    New business lines:
a)    building competence and resources necessary to accomplish a leading position in the commercial application of new technologies in energy sector (e.g. energy storage, generation of energy from hydrogen combustion, e-mobility).

6.    Social responsibility:
a)    creating value for all stakeholders, such as shareholders, employees, customers, suppliers and local communities which is measured not only with the use of financial indices.

Pursuing the Strategy of Polenergia Group may require significant external financing which, depending on the required amount, market situation and other factors, may be procured from present or future investors, in the form of issue of shares, stocks or hybrid instruments.

More detailed information about the Strategy of Polenergia Group is included in the presentation which forms a schedule to this report.

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).

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