33.1 The Act amending the Act on excise tax and certain other acts

On December 28, 2018, the Act amending the Excise Tax Act and certain other acts Electricity Prices Act was passed. The purpose of the Act was to stabilise electricity sales prices to end users in 2019. Among other things, the Act froze electricity prices for end users and introduced a compensation scheme for retail companies.

In 2019, the Group recognised income from compensation received and expected to be received in the combined amount of PLN 1,148 million, of which PLN 845 million was received by December 31, 2019 and a further PLN 286 million by the date of these financial statements.

On September 25, 2020, PGE Obrót S.A. submitted a request to the Settlement Administrator for an adjustment to the received amount of the difference between the price and financial compensation for the period from January 1 to December 31, 2019 in the amount of PLN 85 million (out of which PLN 17 million was recognised in revenue for 2019, while PLN 68 million represents revenue for the current period). On October 1, 2020, the company received from the Settlement Administrator a demand to correct irregularities identified during verification of the request for an adjustment. The corrections related to this demand do not represent any significant amounts.

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