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24/01/2017 18:58

Current report 2/2017

The Management Board of Polenergia S.A. (‘Company’) hereby announces that on 24th January 2017 the Company’s subsidiary, i.e Polenergia Elektrociepłownia Nowa Sarzyna Sp. z.o.o. (‘ENS’), and the associated company, Ciech Sarzyna S.A. (‘CS’), concluded an agreement on the supply of thermal energy (‘Heat Agreement’) in the period from 4th June 2020 to 11th November 2030, that is after the expiry of the current agreement between the parties on the thermal energy supply. Pursuant to the Heat Agreement, ENS will provide CS with thermal energy within the above-specified period, according to orders placed by CS. The Heat Agreement does not provide for the minimum purchase commitment of CS. The estimated value of the Heat Agreement throughout the supply period is approx. PLN 216 million. The Heat Agreement envisages the responsibility of ENS due to lack of thermal energy supplies limited to PLN 8 million throughout the contractual period, as well as the responsibility of the parties due to the termination of the Heat Agreement by a given party in connection with a breach of contractual obligations by the other party, also limited to PLN 8 million. Moreover, the Heat Agreement provides for the obligation of CS to pay to ENS a charge due to its earlier termination by CS, and the amount of this charge depends on the date of termination of the Heat Agreement as a result of its termination by CS.

The Company considers the Heat Agreement as crucial because of its value and the fact that ensuring the stable reception of heat from ENS is the basis for further economically efficient functioning of ENS, following the termination of its participation in the program of compensation for producers – parties to long-term agreements on energy supply.

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