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Current Report No. 40/2019

17.10.2019 17:25

Update of information on the construction of the power unit at Jaworzno III Power Plant

In reference to current report No. 37/2019 of 17 September 2019, TAURON Polska Energia S.A. ("Issuer") announces that the negotiating teams of Nowe Jaworzno Grupa TAURON sp. z o.o., the Issuer’s subsidiary and the consortium of RAFAKO S.A. – MOSTOSTAL WARSZAWA S.A. ("Consortium") completed the main part of negotiations on 17 October 2019.

The negotiations concerned expanding the scope of works defined in the agreement for the construction of 910 MWe unit with supercritical parameters ("Unit") at Jaworzno III Power Plant – Power Plant II ("Agreement").

As a result of the negotiations, it was agreed that the Consortium will execute additional tasks, including: optimizing actions towards expanding the so-called fuel field in order to make the Unit operating conditions more flexible and to ensure that future environmental requirements are met. Consortium will provide inter alia an additional catalyst layer and additive dosing installation for flue gas desulphurization installation in order to reduce mercury emission.

In addition, after the Unit is commissioned, the Consortium will carry out optimization actions aimed at verifying the Unit's compliance with the changed technical parameters.

The implementation of the abovementioned changes will have a positive impact on the technical and environmental parameters of the Unit and will allow to optimize the cost of its operation. Expanding the scope of works will give an opportunity to reduce the level of substances emitted by the Unit to the environment and expanding of the so-called fuel field will allow for TAURON Group’s greater flexibility in coal contracting.

Therefore, it was agreed that it would be necessary to introduce amendments to the Agreement, in particular regarding the value of the Agreement and the schedule of the construction of the Unit. It was agreed that the net price specified in the Agreement will be increased by PLN 52.3 million to PLN 4 537.8 million and the Unit will be commissioned until 31 January 2020. Introduction of the abovementioned amendments to the Agreement requires appropriate corporate approvals.

At the same time, the Issuer informs that changes in the terms of the Agreement will not result in exceeding the total expenditure planned for the execution of the investment, i.e. PLN 6.2 billion. The progress of the project as at the date of submitting this current report is over 95 percent.

The Issuer will inform about the conclusion of the annex implementing the amendments to the Agreement in a separate current report.

Article 17 item 1 of MAR – inside information

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