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Current Report No. 54/2019

10.12.2019 18:15

Preliminary results of the capacity market main auction for 2024 provided by Polskie Sieci Elektroenergetyczne S.A.

In reference to the current report no. 52/2019 of 6 December 2019, TAURON Polska Energia S.A. ("Company", "TAURON") announces that Polskie Sieci Elektroenergetyczne S.A. ("PSE") provided preliminary results of the main power auction conducted on 6 December 2019 as part of the power market mechanism ("Auction").

In accordance with the information published by PSE, the Auction’s closing price reached 259.87 PLN/kW/year and TAURON Group’s companies concluded capacity agreements for the total volume of capacity obligations amounting to 573.5 MW, including the agreements for:
a) 5 years (i.e. for 2024-2028) with the capacity obligation of 505 MW, under which the annual revenue estimated by the Company will reach PLN 131.23 million
b) 2 years (i.e. for 2024-2025) with the capacity obligation of 29 MW, under which the annual revenue estimated by the Company will reach PLN 7.54 million,
c) 1 year (i.e. for 2024) with the capacity obligation of 39.5 MW, under which the annual revenue estimated by the Company will reach PLN 10.26 million.

Taking the above into account the Company estimates that TAURON Group’s revenue from the Auction will reach:
a) in 2024: PLN 149.04 million,
b) in 2025: PLN 138.77 million,
c) in 2026-2028 (totally): PLN 393.70 million.

Pursuant to the act of 8 December 2017 on the capacity market, final results of the Auction will be announced by the President of the Energy Regulatory Office in the Bulletin of Public Information (Biuletyn Informacji Publicznej) on its website, on the first business day following the 21st day from the day of closing the Auction. Under the above act, until the final results of the Auction are announced, TAURON Group’s companies’ capacity agreements are concluded under a suspending condition.

In case the final results of the Auction differ significantly from the preliminary results of the Auction, based on which the Company calculated its estimated revenue from the Auction, the Company will disclose the accordingly adjusted data.

art. 17, clause 1 of MAR – inside information
 

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