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 Vattenfall Energy Trading GmbH (‘Contractor’), concluded from 5th February 2015, i.e. the date of publication of Current Report No. 5/2015 regarding the total value of transactions between Polenergia Obrót and the Contractor, till 7th July 2015, amounted to net PLN 139 002 481.63. This amount includes both the contracted income of Polenergia Obrót, pursuant to the agreements on the sale of electricity to the Contractor (net PLN 59 564 682.90), and the contracted costs of Polenergia Obrót arising from the agreements on the purchase of electricity from the Contractor (net PLN 79 437 798.73).
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 10th June 2013 concluded between Polenergia Obrót and the Contractor (‘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.