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23/06/2016 19:18

Current report 18/2016

Polenergia S.A. (‘Company’) hereby announces that the Company was notified that the total value of transactions in terms of wholesale electricity trading between the Company’s subsidiary – Polenergia Obrót S.A. (‘Polenergia Obrót’) – and Grupa RWE (‘Contractor’), concluded from 24th June 2015 till today, amounted to net PLN 126 748 684.04. This amount includes both the contracted income of Polenergia Obrót pursuant to the agreements on the sale of electricity to the Contractor (net PLN 96 511 422.79), and the contracted costs of Polenergia Obrót arising from the agreements on the purchase of electricity from the Contractor (net PLN 30 237 261.25).

Therefore, the total net value of turnover between Polenergia Obrót and the Contractor exceeded 10% of the Company’s equities.

Moreover, the Company announces that the transactions between Polenergia Obrót and the Contractor were generated on the basis of the EFET framework agreement of 26th February 2014 concluded between Polenergia Obrót and RWE Polska S.A. (‘Framework Agreement’). The Framework Agreement governs all transactions that are carried out between the parties thereto, based on individual sales or option agreements, concerning the purchase, sale, delivery and acceptance of electricity. The Framework Agreement was signed with the use of a standard agreement applied in this type of agreements. The Framework Agreement was concluded for an indefinite period and may be terminated by either party upon 30 days’ notice. In the case of non-delivery or non-acceptance of electricity in the amount resulting from the provisions of individual sales agreements, the Framework Agreement provides for the stipulated penalty in the amount depending on the amount of undelivered or unaccepted electricity. In certain cases, the Framework Agreement provides for the right to seek compensation exceeding the value of the above-mentioned amount. The Framework Agreement does not contain any conditions precedent or subsequent.

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