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05/03/2021 18:39

Current report 15/2021

The Management Board of Polenergia S.A. (“Issuer”) hereby reports that project companies MFW Bałtyk II Sp. z o.o. and MFW Bałtyk III Sp. z o.o. (jointly “Project Companies”) in which the Issuer  holds 50% of shares, involved in development ˗ as part of a joint enterprise of the Issuer and Wind Power AS, which belongs to Equinor ASA Group – of construction projects of two offshore wind farms with total planned  installed electric capacity of 720 MW each (“OWF”) submitted, on 5 March 2021, after performance of relevant analyses and making the necessary corporate decisions, applications to the President of the Energy Regulatory Office (“ERO President”), as part of a procedure foreseen in the Act on promotion of generation of electricity in offshore wind farms (“Offshore Wind Act”) to grant, by means of a decision of the ERO President, a right to cover the negative balance for electricity generated in an offshore wind farm and fed in to the network (“Support”) (“Applications”).

The Support will refer to the electricity generated in the Offshore Wind Farm and will consist in granting a right to receive compensation for the negative balance, which is a difference between the price of electricity specified for a given project in the decision of the ERO President that is going to be issued at a further stage of the procedure (adjusted annually by the level of inflation) (“Price of Support”) and the periodical reference price determined on principles specified in the Offshore Wind Act.In line with the Offshore Wind Act, the Minister competent for climate will determine, by means of a resolution, the maximum price for electricity generated in an offshore wind farm and fed in to the network in PLN per 1 MWh, which is the basis for settling the right to cover the negative balance, as part of the system of Support granted pursuant to the applications for Support submitted by 31 March 2021 (“Maximum Price”).

As of the moment of publication of this current report by the Issuer, the regulation determining the Maximum Price has not been issued. In relation to the above, the Issuer makes a reservation that after the publication and announcement of the regulation determining the Maximum Price, depending on its amount, the Project Companies, as a consequence of performed analyses and after receiving the required corporate decisions, will make a final decision as to sustaining the applications for Support.

In the Application, the Project Companies became liable, within 7 days from issue by the ERO President of decisions determining the Price of Support, for generating and feeding into the network, for the first time, of electricity generated in their offshore wind farms or their parts after receipt of a license. To secure the obligation referred to above, each of the Project Companies set up a financial security in the form of bank guarantees up to the total amount of PLN 43,200,000.00 (forty-three million and two hundred thousand zlotys) for every Project Company. The security mentioned above, within the scope of the amount of PLN 21,600,000.00 (twenty-one million and six hundred thousand zlotys) for each of the Project Companies was set up in the form of a bank guarantee, issued with the use of a guarantee limit of the Issuer, which became liable to return to the bank the amount corresponding to the amount of the disbursed guarantee in the case of its realisation by the ERO President.

The Issuer shall publicly inform, in the form of current reports, about any relevant further information pertaining to the receipt of Aid.

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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