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Current Report No. 23/2019

27.05.2019 18:00

Adopted update of the strategic directions of TAURON Group’s Strategy

TAURON Polska Energia S.A. (”Company") informs that on May 27, 2019 the Company’s Management Board adopted, and the Supervisory Board issued a positive opinion, on the update of the strategic directions that are an addendum to TAURON Group’s 2016-2025 Strategy. The Strategy was the subject of current report no. 34/2016 of September 2, 2016.

The updated strategic directions take into account changes of market and regulatory environment in which TAURON Capital Group (”TAURON Group”, ”Group”) operates.

In accordance with the Strategy in force and the adopted update of the strategic directions the growth of the Group’s value will primarily be based on:

- regulated and stable Distribution segment,
- development of low emission and zero emission sources,
- conventional assets eligible for support,
- sales of energy and energy related products and services tailored to customers’ needs.

As a result of implementing the actions planned it will be possible to raise the share of low emission and zero emission sources in TAURON Group’s generation fleet from 10 percent in 2018 to almost 30 percent in 2025 and more than 65 percent in 2030.

Taking into account the need for the Group’s energy transition, optimization of the investment portfolio and maintaining financial stability the decision on conducting a market verification of the following strategic options has been taken:

- development of low emission and zero emission power generation, primarily through investments in renewable energy sources. By 2025 the Group plans to invest in on-shore wind farms (additional 900 MW), photovoltaic farms (additional 300 MW) and commencing the process of engaging in the construction of off-shore wind farms. The growth of the Group’s renewable sources’ capacity may take place under various business models. In the case of some of the projects planned it is assumed that financial partners will be recruited and investment projects will be carried out with an approx. 20 percent equity share of TAURON Group and the Group being able to manage such assets;

- enhanced flexibility of the Group’s asset portfolio by aligning the mining assets with the Group’s planned demand for fuel, reorganizing the Generation segment and equity investments portfolio. As part of that option, a market verification of the divestment of Janina Coal Mine and TAURON Ciepło subsidiary, as well as a sale of the shares in: Elektrociepłownia Stalowa Wola and PGE EJ 1, are taken into consideration. With respect to conventional power generation, permanent decommissioning of the 120 MW units and, after 2025 – the 200 MW units, is planned.

The implementation of the above options will enable a sustainable transition of TAURON Group and it will increase investment potential for the development of renewable energy sources.

The individual strategic options will be implemented solely if the profitability of the solutions adopted is confirmed, taking into account the Group’s financial capabilities.

At the current stage the update of the strategic directions does not involve a change of the objectives defined in TAURON Group’s 2016-2025 Strategy.

Legal basis: Article 17 of MAR - inside information


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