Roadmap to climate neutrality

While preparing an update of the strategy, the following reduction of CO₂ emission intensity was assumed, taking into account both the planned spin-off of selected bituminous coal based generation assets to NABE and the investments in new RES installations and combined cycle power units in Kozienice Power Plant:

_{^*Actual values were presented for 2020 and 2022 (CO₂ emissions directly linked to electricity production) and estimates starting from 2023. Unit emissions for 2020 and 2021 were adjusted in relation to the values published earlier, thanks to the access to more precise data for MEC Piła and ENEA Ciepło.}

The main assumption of the ENEA Group’s reorganization is to allocate coal-fired power plants to the National Energy Security Agency, at the same time retaining district heating and cogeneration units in the Group’s structure, which will be gradually replaced with gas fired units that are suited to be supplied with low- and zero-emission fuels in the future. The objectives of the transformation of the Polish power companies include, among other outcomes, the integration of the bituminous coal assets within a single entity, specifically PGE Górnictwo i Energetyka Konwencjonalna S.A., a subsidiary of PGE S.A., which will ultimately run its business under the name of NABE.

As part of the 2022 reorganization process, the work of the strategic advisor acting on behalf of the PGE, ENEA and TAURON groups as well as PGE GiEK continued, including advice in the areas of strategy, financial model, transaction structure and development of the operating model, as well as in the area of concentration and notification of potential state aid. Concurrently, the Group carried out work related to internal ownership and reorganization changes, including among others the adoption of the demerger plan with respect to ENEA Trading. In accordance with the plan, a portion of the company’s assets (assets and liabilities) in the form of an organized part of the enterprise will be transferred to ENEA Power&Gas Trading sp. z o.o., which was registered on 23 May 2022.

In 2022, the ENEA Group carried out tasks associated with demerging coal assets to the State Treasury in accordance with the updated schedule of establishment of NABE.

On 3 August 2022, the conditional share purchase agreement was executed, pursuant to which ENEA S.A. would sell to the State Treasury all shares held by it in Polska Grupa Górnicza S.A. On 25 October 2022, ENEA S.A. disposed of all shares it held in Polska Grupa Górnicza S.A. to the State Treasury.

Starting from 1 May 2022, the project Restoration of generation capacity of 200 MW coal-fired units in the Kozienice Power Plant based on the gaseous fuel combustion technology has been implemented by ENEA ELKOGAZ, a company established by ENEA S.A. on 16 March 2022 (previously, from 2019 to April 2022, the project was carried out by ENEA Wytwarzanie, performing, among others, technical and economic analyses along with a feasibility study).

On 24 May 2022, ENEA Wytwarzanie and ENEA ELKOGAZ concluded an agreement on the sale of the project assets developed before 30 April 2022.

On 18 July 2022, tender procedure for the selection of a general contractor for the investment were launched. It is assumed that the agreement would be concluded in Q4 2023.